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Banks demand $2.3M mortgage repayments on Metro Vancouver properties


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Four homes assessed at more than $4.5 million are among six properties the province is seeking to seize as proceeds of crime in a civil forfeiture action

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Gordon Hoekstra

Publishing date:

Aug 29, 2020  •  August 29, 2020  •  3 minute read  •  14 Comments In a suit where Westminster Savings is owed $720,000, the court has approved the sale of this home at 8601 Armstrong Ave. in Burnaby to recoup the money owed. Photo by Jason Payne /PNG files

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Financial institutions have demanded repayment of more than $2.3 million in mortgages and loans linked to several Metro Vancouver properties allegedly used to launder drug money.

Coast Capital Savings, Westminster Savings, Vancouver City Savings and First National Financial are seeking repayment on mortgages and loans on four homes in Maple Ridge, Burnaby, Mission and Coquitlam, according to petitions filed in B.C. Supreme Court.

The four homes, assessed at more than $4.5 million, are among six properties the province is seeking to seize as proceeds of crime in a civil forfeiture action.

In the suit filed in B.C. Supreme Court in 2019, the B.C. Civil Forfeiture Office alleges an auto and appliance repair business was used as a front to conceal money generated by an alleged drug operation ring dealing in cocaine, heroin, fentanyl and methamphetamine. The civil forfeiture suit alleges the six houses were…

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