Background & Clarification – Bhaktraj (Raj) Singh

This page provides factual context regarding legacy syndicated mortgage investment (SMI) matters dating back to 2016–2017. These matters have been fully concluded, with no findings of fraud, misconduct, or criminal wrongdoing.

Law Enforcement Review

The Ontario Provincial Police conducted a multi-year investigation into the broader SMI sector (Project Gundy). Bhaktraj (Raj) Singh was treated as a witness throughout this process and was never charged with any offence.

Court and Trustee Proceedings

Certain 2017 court commentary referencing sector-wide concerns did not constitute findings against Mr. Singh. He was not before the Court, no relief was sought against him, and subsequent forensic review by the Court-appointed Trustee identified no improper transfers of funds in projects owned or controlled by him. Mr. Singh cooperated fully with the Trustee and Receiver and entered into a negotiated settlement resulting in a full release of all claims.

Project Outcomes

Mr. Singh successfully completed the Guildwood Condominiums project and advanced the Hazelton Mississauga project to approximately 65% completion prior to a strategic sale. Following these outcomes, the Receiver engaged directly with Mr. Singh to permit the repurchase of certain assets.

Independent Institutional Financing

In November 2020, an affiliated entity obtained a $32.5 million first-mortgage construction loan from Firm Capital Corporation, a Canadian institutional lender, following comprehensive due diligence. The loan was repaid early and in full.

Post-Resolution Administrative Update

In 2026, following the conclusion of all proceedings, the court-appointed Receiver, KSV Advisory Inc., confirmed that it agreed to de-index Mr. Singh’s name from legacy receivership materials hosted on its website, recognizing that continued name-based indexing was no longer necessary.

Current Status

All legal, regulatory, and administrative matters relating to these historical issues are closed. No court, regulator, or law-enforcement authority has made findings of fraud or misconduct against Mr. Singh.

Last updated: March 2026