News Release
Two Arrests Made in a Fraud Investigation,
One Suspect Outstanding,
Willowdale Avenue and Sheppard Avenue East area,
Images Released
The Toronto Police Service is making the public aware of two arrests made in a Fraud investigation.
In 2025, police received reports of multiple investment-related frauds involving Goldentrust Development Inc., operating in the Willowdale Avenue and Sheppard Avenue East area.
It is alleged that:
- victims were approached regarding investment and real estate development opportunities
- victims were promised returns on their investments and, in some instances, were told that properties would be used as collateral
- victims provided the suspects with significant sums of money for investment purposes
- some victims later discovered that representations made regarding ownership of properties and investment security were false
- other victims provided funds toward a home renovation project that was never completed
- the victims suffered combined financial losses of approximately $3.49 million
An investigation was initiated by the 32 Division Fraud Unit.
On Tuesday, August 25, 2026, two suspects were located and arrested in connection with the investigation.
Peng Zhang, 43, of Toronto, was arrested and charged with:
- three counts of Fraud Over $5000
He was scheduled to appear in court at the Toronto Regional Bail Centre, 2201 Finch Avenue West, on Tuesday, August 25, 2026, at 9:30 a.m., in room 105.
Bingbing Dong, 41, of Markham, was arrested and charged with:
- Fraud Over $5000
She is scheduled to appear in court at the Ontario Court of Justice, 10 Armoury Street, on Wednesday, November 25, 2026, at 2 p.m., in room 202.
A third suspect remains outstanding at this time.
Jiachen Dong, 37, of Toronto, is wanted for:
- two counts of Fraud Over $5000
She is described as approximately 4'10", goes by the alias "Michelle Dong", and was working as a real estate agent. Investigators believe she may have fled to China.
The investigation remains ongoing. Investigators believe there may be more victims. Images of the two arrested parties and the outstanding suspect have been released.
Anyone with information is asked to contact police at 416-808-3207, Crime Stoppers anonymously at 416-222-TIPS (8477), or at www.222tips.com.
Peng Zhang, 43, of Toronto
Bingbing Dong, 41, of Markham
Jiachen Dong, 37, of Toronto
