Two Edmonton men are facing criminal charges after regulators and RCMP allege they defrauded investors out of nearly $7 million through a bogus real estate project.The Alberta Securities Commission and RCMP’s Integrated Market Enforcement Team said Yuvraj Verma, 42, and Rohit Sethi, 50, raised about $6.8 million between 2018 and 2020 using companies including Cancom Development Ltd. and Roxdale Gardens Ltd. Investors were told 45% of the money would be held for dividends, but investigators say no funds were set aside and instead were diverted into other businesses controlled by the pair..Promotions also included a lottery for a residential lot in Leduc County, but although a winner was drawn, the prize was never awarded. Verma and Sethi are further accused of forging mortgage documents for their own financial benefit.Both men have each been charged with seven counts, including fraud over $5,000, circulating false documents, running an illegal lottery scheme, uttering forged documents and laundering proceeds of crime.They were released on conditions that include a ban on selling or trading securities for others and restrictions on contacting certain investors. Their first court appearance is set for Oct. 1 in Edmonton.
