One man has been charged and another is wanted on warrants after an elaborate student loan fraud scheme that ended with the Alberta Student Aid office and several Calgary private post-secondary institutions being defrauded of more than $240,000.

Calgary police said they began their investigation in October 2019 after a peace officer with the Advanced Education Special Investigations team contacted them about a number of inconsistencies with several student loan applications, police said in a news release Tuesday morning.

It’s alleged that two men used stolen identities and personal information of 21 people who were already victims of other data breaches and mail thefts to fraudulently apply for student loans from the provincial government. The incidents took place between May 2017 and May 2020, police said.

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Police said the men would use the stolen IDs to enrol as students at post-secondary institutions and apply for student aid. Most of the loan applications were done online. Police said loans were approved for amounts of $25,000 to $38,000 for each “student.”

The money was deposited into the bank accounts provided by the alleged fraudsters. Police said the bank accounts were also set up using the same stolen IDs and personal information.

In a news conference Tuesday morning, Staff Sgt. Geoff…

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