RECO finds $2.7M trust account misuse at Save Max brokerages

Raman Dua, broker of record and CEO of Save Max Real Estate Inc. (source: Save Max).

Ontario’s real estate regulator has taken enforcement action against four Save Max brokerages after an investigation found millions of dollars were unlawfully disbursed from real estate trust accounts.

In a Feb. 3 notice, the Real Estate Council of Ontario (RECO) said the action follows inspections, investigations and a third-party forensic review triggered by a complaint received in December 2024.

The review, completed in January 2026, found $2.7 million was improperly taken from the Mississauga-based brokerages’ trust accounts.

RECO said the funds were used for purposes outside the terms of the trust, including loan payments, property management fees, taxes, credit card balances and vendor services.

The Save Max brokerages involved are Save Max, First Choice, Supreme and Ace.

Approximately 400 agents are affected.

Action taken

According to the regulator, the unlawfully disbursed funds were often replaced before month-end, when brokerages are required to complete trust account reconciliations. 

RECO has issued notices of proposal to revoke registration, immediate suspension orders and freeze orders against the brokerages. 

Raman and Nidhi Dua, the brokers of record of Save Max First Choice Real Estate Inc., are facing a proposed revocation of their registration and immediate suspension. 

RECO has also notified Peel Regional Police of its findings.

RECO emphasized that its enforcement action is limited to the four brokerages identified in the investigation. Inspections of other Save Max brokerages across Ontario found no significant issues, it said.