12/18/2014 01:23 EST | Updated 02/17/2015 05:59 EST

Calgary Mortgage Fraud Ring Busted

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CALGARY - Four people living in Calgary face a total of 29 criminal charges related to mortgage fraud involving millions of dollars.

Police say fictitious companies were used to falsify credit, tax and other records to obtain loans for more than 20 homes in Calgary, Fort McMurray and British Columbia.

The homes ranged in price from $300,000 to well over $1 million.

The arrests come after a year-long investigation by Alberta Law Enforcement Response Teams.

Charges include fraud, money laundering, organized crime and instructing a criminal organization

More arrests are expected.


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