Toronto small business forced to close after losing money to cheque fraud that TD couldn't stop [Globe and Mail, The (Toronto, Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: Globe and Mail, The
are asking why their bank was repeatedly unable to stop the scam from happening. The case shows a form of fraud that a leading small-business group says is not uncommon and can be financially devastating. Yashpal Dhaliwal and Lakhdeep Kaur, who formerly led the HD Group of Companies until it closed last year, say cheques they had issued were cashed multiple times, and sometimes amounts were modified with whiteout and still deposited. Mr. Dhaliwal and Ms. Kaur say they worked with their financial institution, Toronto-Dominion Bank , for two years while the fraud continued. They were not satisfied with TD's initial response and filed a lawsuit in 2022 for the alleged losses. The case has not yet been heard in court. TD said in a statement of defence filed in court that the banking-services agreement signed by HD Group waives the bank of responsibility. It all started in August of 2021, when Ms. Kaur – who was chief financial officer – was reviewing HD Group's monthly bank stat
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