The British Columbia Securities Commission has initiated the arrest of a Vancouver man, who has used multiple aliases, on charges including failure to comply with conditions of his release related to other investigations.

The BCSC, with the assistance of Vancouver police, on Oct. 2 arrested 37-year-old Ayaz Dhanani, also known as Alex Dhanani, Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos or Rahim Jiwa following an investigation by the BCSC’s criminal branch.

The Commission, in December, 2016 permanently banned Dhanani from dealing in corporate securities, as well as $413,800 in financial penalties on allegations of fraud.

The Commission, in an administrative decision, found that Dhanani solicited $188,000 from three investors for purported investments in gold-mining and oil companies when there were no companies or no company stock.

Dhanani, in February, paid $120,000 to the BCSC, which said the money would be returned to his victims. 

Dhanani’s arrest Oct. 2 was related to charges under the Criminal Code for theft and fraud over $5,000, failing to comply with a term of his release related to another outstanding prosecution.

And under the B.C. Securities Act, Dhanani is charged with trading in securities in breach of the 2016 order banning him from the activity, for distributing securities without a prospectus, making misrepresentations and acting as a financial adviser without being registered.

According to a B.C. Securities Commission news release, Dhanani is in custody pending a bail hearing. A trial date has not been set.