(CBC) The trial of two men accused of defrauding homeowners who had taken out “Shariah-compliant” mortgages heard Thursday from one of the mortgage holders, who admitted under defence cross-examination that he and his wife eventually got credited for their payments.
Omar Kalair and co-accused Yusuf Panchbhaya have pleaded not guilty to numerous charges, including fraud, theft over $5,000, and laundering the proceeds of crime. Kalair’s lawyer has told CBC News his client “intends to vigorously defend against the charges.”
The crown alleges Kalair misappropriated payments from clients of his mortgage company, United Muslim Financial (UMF), weeks before it went into receivership in 2011. His co-accused Yusuf Panchbhaya is also alleged to have been involved.
