Mortgage Fraudster Syed Nasir Hussain Zaidi
Top Fraudster of Canada
No.1 Syed Nasir Hussain Zaidi ( Mortgage Fraud , Real Estate Fraud )
Syed Nasir Hussain Zaidi or Nasir Hussain, this man goes by many names. He's been exploiting and robbing people from past 7-8 years. He's been impersonating a mortgage broker or mortgage advisor. But in reality, he doesn't hold any valid license to practice mortgage in Canada. Moreover he had filed for bankruptcies twice. He had made victim lots of people from south Asian community mostly from Pakistani or Indian origin. This Fraud man hails from Pakistan, speaks fluent Urdu, Punjabi and English.
He has been arrested many times for money fraud on behalf of different victims by York Region Police. Arrest was confirmed by Police officers. He has been protecting himself on the sake of his health failure.
He deals with licensed mortgage brokers and private lenders.
His 50-60% dealings are through Expert Financial Mississauga. Upanshuman Pandey is the Broker of Expert Financial. Pandey is also involved in many fraudulent transactions.
FSRA (Financial Services Regulatory Authority of Ontario also launched a public notice through their official website to warn innocent home buyers avoid any dealings with this fraud man.
Syed Nasir Hussain Zaidi aka Syed Zaidi Nasir Hussain, this man goes by many names. Born in Punjab,
Pakistan on August 14, 1965, and has been residing in Canada for over 20 years.
Zaidi has been running a mortgage & real estate fraud ring from the past 8 years (as per his victims); where
he has been impersonating as a mortgage agent, mortgage advisor, mortgage broker and a real estate
agent.
He doesn’t hold a valid license to operate as a mortgage agent, broker, or a real estate agent. As a matter
of fact, he can’t apply for the licenses, as he has filed for 3 bankruptcies in the last 15 years (April 2008,
July 2008 & May 2019). All employment laws and regulatory bodies in Canada cannot issue a designation
or a license to an individual who has filed for a bankruptcy in the 7 years preceding to the official
application date. (Refer to the link below for Zaidi’s bankruptcy records)
Zaidi proudly states that he belongs to the Syed family, as per research, Syed’s are from the direct lineage
of the last Islamic Messenger: Prophet Muhammad (PBUH). His surname “Zaidi” is taken from the 4th
Shia’h Imam (Islamic Sect who are known to be the Followers of Imam Ali). According to Zaidi, him and his
wife are prominent figures in the Shia’h community of the GTA. Given his Pakistani background tagged
with his status and fluency in Urdu, Punjabi & English; majority if not all his victims belong to the South
Asian community (Pakistani, Indian, Bangladeshi & Sri Lankan origin).
How Zaidi conducts his business !
• Rents a room space in an office building
o May 2021 to Sep 2021 (303 – 7191 Yonge St, Thornhill, ON, L3T 0C4)
o Sep 2021 to Feb 2022 (10 – 339 Four Valley Drive, Concord, ON, L4K 5Z3)
o Feb 2022 to Aug 2022 (508 - 1000 Finch Ave West, North York ON M3J 2V5)
o Current Office (unknown) Some victims have tracked him in Montreal, QC
• Portrays as a mortgage agent by connecting with real estate agents, mortgage specialists and real
estate lawyers for referrals and in exchange gives them a referral fee.
• Once the clients contact Zaidi, they are hooked. Zaidi books a call with them and asks them to
share personal info prior to visiting him in the office (IDs, bank statements, credit report, MLS
listing etc.). Zaidi asks his clients to come prepared to his office with cash and a chequebook to
kick off the mortgage application process.
• By the time the victim visit’s Zaidi at his office, Zaidi has a good financial picture of the client and
leads the conversation that he’ll get them (the client) a 100% approved mortgage with an “A”
lender (BNS, CIBC, TD, RBC or BMO)
• In addition to the 1% loan arrangement fee (usually what legit mortgage agent charges), he asks
for an advance payment that he promises to adjust towards the closing date of the property via
the lawyer. The advance amount varies as he makes the assessment based on the available
balance in the bank statements of the applicant on the last statement.
• A few days before the closing, Zaidi asks his clients (victims) to come to the office and sign the
commitment papers of the mortgage. Little do the victims know the commitment papers they are
signing are fake and photoshopped. York Region Police can confirm; they issued warrants to
various banks to confirm the authenticity of the commitment document provided by Zaidi that
were signed by his victims. All the “A” & “B” lender documents provided by Zaidi to sign were fake
& photoshopped. Banks are also investigating the issue and may file charges against Zaidi.
• The real issue starts on the closing day or the day before, when Zaidi tells his clients that the
mortgage fell through with the “A” or “B” lender due to some issue with the paperwork or
condition etc.
• At this point the victim is in panic mode
o Note. the victim can lose the deposit they made on the property when their offer to
purchase was accepted.
o Note. Zaidi is still holding the funds as hostage that were advanced by the client on the
day of the initial meeting.
• With all the confusion and panic, Zaidi comes out as a “Knight in Shining Armour” and arranges a
mortgage with a private lender (which is very easy to arrange) and promises to reverse and adjust
the private lender charges in a few weeks once he arranges an alternate mortgage with another
“A” or “B” lender.
o The victim gets squeezed in with the private mortgage and that’s the point where Zaidi
wins, not once but twice
o The advance Zaidi took earlier is never adjusted in the mortgage.
• How does Zaidi win ?
Zaidi took the 1% mortgage fee in advance
o Zaidi took an additional advance, which he doesn’t return
o Zaidi gets a kick back from his associates (Lawyer, Broker & Pvt Lender)
▪ Zaidi pushes the mortgage through a Brokerage to the private lender
▪ The brokerage charges 1% and the private lender charger anywhere from 1.5% to
4% plus a very high interest rate. All charges are passed onto the victim
▪ Refer below for the list of associates that work with Zaidi
o At this point the victims are ashamed to come forward to report to the authorities and
pursue legal action.
o Once the private mortgage transaction is complete, Zaidi doesn’t answer his phone and
changes his office address to restart the fraud ring again with a fresh set of individuals.
List of Brokers associated with Zaidi
1. Upanshuman Pandey (Broker) Expert Financial Corp. (416) 302 5776
2. Roy Thomas (Risk Officer) Vault Mortgage Corp. (416) 844 1323
3. Dharminder Sanger (Agent) RMA Brokerage (647) 303 2444
4. Rajeev Gulati (Broker) Simplify Mortgage Solutions (416) 722 2179
As per Peel Police Records, there was a real estate fraud case registered against Zaidi in 2015; he settled
that case with the victim in an out of court with the victim.
OSB – Office of the Superintendent of Bankruptcy Canada
FSRA – Financial Services Regulatory Authority of Ontario
OHIP – Ontario Health Insurance Plan
YRP – York Region Police
As of December 16, 2022, Zaidi has 10 criminal charges filed against him by victims under the Criminal
Code of Canada, of fraud over $5,000, and for 3 of them he has been arrested and currently is out on bail
and considered as a flight risk. The remaining 7, are in que to be processed. The terms of his bail are
confidential.
In addition, the victims have filed a complaint with FSRA, OSB & OHIP.
Arrests were made by York Region Police in
• June 2022
• October 2022
• October 2022
FSRA has issued a public announcement against Zaidi on November 23, 2022, warning the public of his
fraudulent activates and is currently investigating the matter further to pursue legal charges (refer to the
links below for the news articles)
FSRA
Yahoo Finance
Canada Today
INSAUGA
Multiple complaints have been filed by the victims with the OSB, as a bankrupt individual can’t operate a
bank account or any profession that has links to the financial industry, furthermore the bankrupt
individual needs to provide regular updates to the OSB as part of Bankruptcy & Insolvency Act.
Zaidi has also filed a fraudulent suit against OHIP for a surgery performed on him, where he states due to
the procedure he can’t walk without a cane or a walking stick and has difficulty standing. Claims made by
Zaidi are false as he is able walk well and without any difficulty. Investigative videos have proven that Zaidi
has no mobility issues. OHIP is currently investigating the matter and will pursue charges in the event the
claim is fraudulent.
After a few investigations, it was confirmed that Zaidi is funding a lavish and posh lifestyle at the expense
of his victims.
• Zaidi resides with his family and rents a mansion on Elmers Lane in King City (last known).
• Family members may be a part of his fraudulent ring.
o Syeda Qudsia Nasir
o Baaqir Nasir
• Zaidi drives a Grey Convertible 2017 Mercedes Benz “C” class with an Ontario Registration
• Second vehicle is a Blue Coupe 2021 BMW M4 with an Ontario Registration (Vanity Plate)
Readers are encouraged to be careful; if you or anyone you know are contacted by Zaidi, his family or
associates or anyone claiming to be acting on their behalf. If you or anyone you know have been a
victim, consider contacting your local police department
Public Records that shows his filings of bankruptcy
Please Check links below for the source:
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