Police have made two arrests following an investigation into alleged investment-related fraud involving a development company that they say cost victims approximately $3.49 million. Police say they began the investigation in 2025, after receiving multiple reports of fraud involving Goldentrust Development Inc.in North York. The authorities say that multiple victims were approached regarding investment and real estate development opportunities, and were promised returns on those investments. Toronto police say the victims provided the suspects “with significant sums of money,” only to later discover that the representations they made regarding ownership of properties and investment security “were false.” It is further alleged that some victims also provided funds toward a home renovation project that was never completed. Police arrested two suspects in connection with the alleged fraud on Tuesday. Peng Zhang, 43, of Toronto is charged with three counts of fraud over $5,000, while Bingbing Dong, 41, of Markham, is charged with one count of fraud over $5,000. A third suspect, identified as 37-year-old Toronto resident Jiachen Dong, remains outstanding and police say that investigators believe she have fled to China. On its website, Goldentrust Development lists a Peng Zhang as a board member. The company says its “main business is to serve luxury mansion renovation and land development” and it boasts of “total assets” that “have reached hundreds of millions.” In a news release, police say the investigation remains ongoing and that investigators believe there may be more victims.
