Three Males Wanted Following Vehicle Financing Fraud Investigation

Three males are wanted following an investigation by the DRPS Financial Crimes Unit into vehicle financing fraud schemes.

Investigators determined that between Tuesday, August 1, 2023, and Wednesday, July 31, 2024, the suspects attended multiple dealerships across Durham Region and used falsified documents to obtain financing for motor vehicles.

After taking possession of the vehicles, no payments were made and the suspects fled Canada, resulting in more than $650,000 in losses. Many of the vehicles were later exported from Canada.

The following males are wanted in connection with the investigation:

• Borislav NINCHOV, age 34, of Toronto, is wanted for: Fraud Over $5,000 x3, Possession of Property Obtained by Crime for the Purpose of Trafficking x3, and Disposing of Property to Avoid Creditors x3.

• Vesko LAFCHIS, age 60, of Toronto, is wanted for: Fraud Over $5,000 x3, Possession of Property Obtained by Crime for the Purpose of Trafficking x2, and Disposing of Property to Avoid Creditors x2.

• Zhivkov ZHEKOV, age 54, of Picton, Ontario, is wanted for: Fraud Over $5,000 x2, Possession of Property Obtained by Crime for the Purpose of Trafficking, Disposing of Property to Avoid Creditors, and Making a False Statement to Procure a Loan.

Investigators believe this scam is linked to an organized group involved in criminal tourism. 

Criminal tourism is an emerging threat that impacts communities across Canada. Offenders are entering Canada legally on tourist visas with the specific intent to commit a multitude of crimes before either fleeing the country or evading immigration officials by overstaying their legal visa periods. Offenders are often part of a larger organized criminal network whose activities can include fraud, theft, property crime, identity theft, financial scams, and other organized crime behaviours. These criminal tourists are using sophisticated methods to avoid detection, including moving between regions, using false identities, and exploiting legal loopholes. 

These crimes can have a severe impact on victims who face financial losses, emotional stress, and a deep sense of violation. DRPS alongside our policing partners are working diligently to identify, disrupt and hold these offenders accountable. If you encounter suspicious activities please report it to police immediately. This information can assist to prevent further victimization and exploitation.

Anyone with information about this investigation is asked to contact D/Cst. Taylor of the Financial Crimes Unit at 905-579-1520 ext. 5283.

Anonymous information can be sent to Durham Regional Crime Stoppers at 1-800-222-TIPS (8477) or online at www.durhamregionalcrimestoppers.ca and tipsters may be eligible for a cash reward.

The information in this media release contains facts and circumstances that have been obtained from a police investigation.  These allegations have yet to be proven in court. 

-30-