India, June 28 -- An Indian-origin man has been arrested in Canada in connection with an alleged $1.4 million Ponzi-style investment fraud scheme targeting elderly victims, police said.

The accused has been identified as 62-year-old Navdeep Boparai.

According to the Peel Regional Police Fraud Bureau, the alleged fraud began in 2017, when multiple victims invested funds with Boparai and his company, BLM Canada Corporation, believing him to be a successful mortgage broker.

Police said investors were assured that their money would be placed in private mortgages, a condominium development project, and a legal trust, with guaranteed returns.

Total reported losses are estimated at approximately $1.465 million.

Boparai, a resident of Brampt...