June 22, 2012
Ottawa couple accused of over $10M in fraud
By Danielle Bell, QMI Agency
OTTAWA - A local couple accused in a fraud case totalling more than $10 million face 21 charges after a four-year RCMP investigation.
Roland Eid and his wife, Marlene Yacoub Eid, were executives of ICI Construction Management.
The Ottawa-based company operated until late 2007, according to court documents, and counted the Department of Public Works and Government Services Canada among clients.
The Eids were arrested in Ottawa on Wednesday, and face charges under both the Criminal Code and Bankruptcy and Insolvency Act, including fraud over $5,000, obtaining credit by false pretence, laundering proceeds of crime, fraudulent disposition of property and obtaining credit by false representation.
The RCMP Commercial Crime Section in Ottawa launched its investigation, dubbed Project Academic, in March 2008 after receiving a complaint about the company from the Office of the Superintendent of Bankruptcy.
The couple is accused of transferring corporate assets for their personal benefit and escaping to Lebanon, leading to ICI’s bankruptcy, which held liabilities in excess of $10 million.
Several creditors were not paid for goods and services, police said.
RCMP on Friday would not elaborate on any details surrounding the allegations, saying only such fraud investigations are complex.
Roland Eid remains in custody pending a bail hearing while Marlene has been released on conditions.