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Pacific Canada  + Canada  + Cross Border News  | 
Former Vancouver Canucks prospect Prab Rai has been charged in relation to an alleged commercial real estate investment fraud totalling millions of dollars.

Former Canucks Prospect Faces CRE-Related Charge, Lawsuit

Former Vancouver Canucks prospect Prab Rai has been charged in relation to an alleged large-scale commercial real estate investment fraud.

Surrey RCMP Cpl. Vanessa Munn announced Wednesday that Rai, 34, has been charged with fraud over $5,000. The alleged fraud occurred between 2015 and 2021.

The Surrey, RCMP Financial Crimes Unit began an investigation in January 2021 after a victim allegedly lost millions of dollars in investment opportunities. Investigators determined that between October 9, 2015 and July 20, 2018, a man committed “large-scale” financial frauds.

Rai was arrested and charged Tuesday. He has been released while awaiting his next court appearance.

Postmedia has reported that Rai also faces a lawsuit. Realtor Harpreet Singh Khela alleges in a statement of claim that Rai’s schemes included the purchase of the Sutton Place Hotel in downtown Vancouver, a Tim Hortons franchise and a San Diego development property.

In his statement of defence, Rai has asserted that Khela made “sweeping, unfounded allegations” against him, Postmedia reported.

The Canucks drafted Rai in the fifth round (131st overall) in 2008, but he never played in the National Hockey League.

Photo: 4kclips / Shutterstock.com

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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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