{"id":361,"date":"2026-02-26T22:33:02","date_gmt":"2026-02-26T22:33:02","guid":{"rendered":"https:\/\/refundauthority.com\/?p=361"},"modified":"2026-03-17T22:36:24","modified_gmt":"2026-03-17T22:36:24","slug":"ottawa-couple-loses-300000-in-alleged-investment-fraud","status":"publish","type":"post","link":"https:\/\/refundauthority.com\/?p=361","title":{"rendered":"Ottawa couple loses $300,000 in alleged investment fraud"},"content":{"rendered":"\t\t
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Five years from retirement, Adnan Siddiky thought he had finally built the life he came to Canada for. Instead, he and his wife say they\u2019re out hundreds of thousands of dollars in what they now believe is an alleged investment fraud.<\/p>

\u201cThe only option we have now is working and paying off the mortgage for the next 15 years just to get out of the hole,\u201d Siddiky said. \u201cI have just lost faith in humans, especially people that you trust.\u201d<\/p>

The couple says trusted family friends introduced them to HYWI Capital, a Toronto-based company, last March.<\/p>

\u201cI\u2019ve known them for 31 years. They approached us saying that there\u2019s this fantastic investment opportunity where we can make a lot of money,\u201d Siddiky said. \u201cIn a way, I thought they were kind of pushing us to invest in this company.\u201d<\/p>

He says they invested a total of $303,623 after taking out a second mortgage on their Ottawa home into what they believed was a safe investment.<\/p>

The contract promised a two per cent monthly return and their money back after one year, signed they believed by the company\u2019s CEO.<\/p>

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Adnan Siddiky speaks with CTV News Ottawa’s Katelyn Wilson. (Katelyn Wilson\/CTV News Ottawa)<\/span><\/figcaption><\/figure>

According to the loan agreement, the funds were to be transferred to the company\u2019s chief operating officer, Mark Cummings, a former insurance executive.<\/p>

\u201c[Cummings] said there were no risks, that\u2019s exactly what his words were,\u201d Siddiky said. \u201cThey said they were investing into two things, I remember one was stock trading. We sent that money and we were told in July we will start getting the returns on our money.\u201d<\/p>

But it wasn\u2019t until the end of August that they received two months\u2019 worth of payments and then nothing.<\/p>

\u201cHe said, \u2018Oh, there\u2019s a glitch with your banking. Don\u2019t worry, it\u2019s going to come,\u2019\u201d Siddiky said.<\/p>

During that time, he says Cummings introduced them to a man named Eugene Todorov, who was described to them as a senior partner, and eventually they tried to withdraw their investment.<\/p>

\u201cEugene and Mark, they were saying don\u2019t worry everything\u2019s going to be fine. You\u2019ve sent us the withdrawal form, we have it, we\u2019ll get your money back,\u201d Siddiky said.<\/p>

But Siddiky says that never happened. CTV News has learned of at least five others with similar stories, including two named in an ongoing civil lawsuit, with a combined $1.5 million in losses. But several people involved say that total could be much higher.<\/p>

And the man listed as CEO, Vlad Marchuk, says he left the company in April 2023 and the signature on the Siddiky\u2019s contract is a forgery.<\/p>

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Vlad Marchuk says he left HYWI Capital in April 2023 and the signature on the Siddiky\u2019s contract is a forgery.<\/span><\/figcaption><\/figure>

In an email, Marchuk tells CTV News, \u201cSince that time, I am legally not related to HYWI capital in any capacity. I didn\u2019t represent the company and didn\u2019t sign any agreements on behalf of the company since April 8, 2023.\u201d<\/p>

In an email, Cummings says he is no longer involved with HYWI Capital, saying, \u201cI vehemently deny all other allegations and have no further comment at this time.\u201d<\/p>

Eugene Todorov did not respond to a request for comment.<\/p>

Jeff Filliter, a senior investigator with\u00a0Haywood Hunt & Associates<\/a>, says the way the investment was pitched raises concerns, especially the unusually high returns.<\/p>

\u201cThe fact that they would appear to be offering a 24 per cent return on investment per annum is outrageously high, so that, in and to itself, is a huge red flag,\u201d said Filliter. \u201cThe fact that they are using others to recruit some of these victims suggests that this is a relatively large-scale operation.\u201d<\/p>