Third man wanted in Durham Region vehicle financing fraud probe

Durham Regional Police say a third man is wanted in connection with a Financial Crimes Unit investigation into vehicle financing fraud schemes that allegedly caused more than $650,000 in losses across the region.

Zhivkov ZHEKOV, 54, of Picton, Ontario, is wanted for Fraud Over $5,000, Possession of Property Obtained by Crime for the Purpose of Trafficking, Disposing of Property to Avoid Creditors, and Making a False Statement to Procure a Loan, police say. Two Toronto men — Borislav NINCHOV, 34, and Vesko LAFCHIS, 60 — are also wanted in the same investigation.

Investigators determined that between August 1, 2023, and July 31, 2024, the suspects attended multiple dealerships across Durham Region and used falsified documents to obtain vehicle financing; after taking possession of the vehicles, no payments were made and the suspects fled Canada, with many of the vehicles later exported, police say. DRPS believes the scam is linked to an organized group involved in criminal tourism. Police stress these allegations have yet to be proven in court.