The RCMP and the Calgary Police Service say they will pursue a criminal investigation into what could be Canada's largest mortgage fraud scheme.
The investigation comes after BMO filed a civil lawsuit against hundreds of people.
BMO accuses 14 different groups including realtors, lawyers, brokers, appraisers, and even its own employees in the case.
It claims defendants purchased the worst homes in the best neighbourhoods.
A middleman was then allegedly paid to apply for a mortgage with forged information.
The BMO claim alleges the value of the home was then inflated and the bank unknowingly approved the falsely inflated mortgage with some of the alleged fraudsters pocketing the difference.
In many cases, the loan was defaulted on and the bank lost the difference between what the home was worth and what it was mortgaged for.
All of the homes involved in the suit are in Alberta.
Police say, given the 30,000 pages of evidence they have to get through, this investigation is expected to last a long time.
The RCMP Commercial Crime Section will work with the Economic Crimes Section of the Calgary police on the criminal investigation.
