By CBSLA Staff

LOS ANGELES (CBSLA) — A man police say stole more than $2.8 million from several senior citizens who believed they were investing in real estate may have more victims.

(credit: LAPD)

Shehzad Peermahomed, 50, of Woodland Hills, was arrested Tuesday by the LAPD’s commercial crimes division. He has since been charged with 25 felony counts, including grand theft, sales of securities without qualification, using false statements in the sale of a security, and using a device, scheme or artifice to defraud. Peerhmahomed is being held on $810,000 bail.

According to investigators, Peermahomed stole money from at least nine victims, most of whom were senior citizens, misleading them to believe they were investing in real estate from which they would receive monthly interest income. At least $2,852,000 was stolen from the victims, who used their retirement savings to invest in this Ponzi scheme, LAPD officials said.

The LAPD says they have identified nine victims, but believe Peermahomed may have more. Anyone with information about Peermahomed can contact Detective Tyrone Jones of the commercial crimes division at (213) 486-6630 or via email at 30894@lapd.online.