Toronto soldiers charged in kidnapping were looking for cryptocurrency, police say

Seized evidence, including ammunition, on a table before Chief of Police Myron Demkiw and Chief Superintendent Joe Matthews of Detective Operations, provide an update on an abduction investigation involving members of the Canadian Armed Forces at Toronto Police HQ, Toronto, Oct. 14, 2026. Photo by Nick Kozak /Postmedia News

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A violent Toronto kidnapping involving three Canadian soldiers was an attempt to force the victim into handing over access to cryptocurrency, police said Wednesday, revealing the alleged motive for the bizarre plot.

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The July 25 kidnapping took place in a residential Toronto neighbourhood at Finch Avenue East and Bayview Avenue. The target: the owner of a cryptocurrency exchange.

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The kidnappers grabbed their victim as he approached his vehicle and abducted him at gunpoint, Toronto Police Service Chief Myron Demkiw told reporters at a press conference.

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“He was handcuffed and assaulted. The suspects allegedly attempted to gain access to his cryptocurrency assets” and business-related security systems.

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Standing in front of seized eveidence, Chief of Police Myron Demkiw provides an update on an abduction investigation involving members of the Canadian Armed Forces at Toronto Police HQ, Toronto, Oct. 14, 2026. Nick Kozak for Postmedia News. Photo by Nick Kozak

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The victim was later released and threatened not to contact police, said Chief Supt. Joe Matthews of Detective Operations.

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But he did just that.

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Police wouldn’t say Wednesday whether the kidnappers were successful in getting cryptocurrency from their victim, who suffered minor injuries. His name is banned from publication.

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“What started as a kidnapping investigation became much larger,” said Demkiw. “In total, seven suspects have been arrested and 82 criminal charges have been laid.”

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Within 24 hours, police had identified a vehicle used by the kidnappers, and two suspects were arrested, Matthews said.

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“By Sept. 24, all seven accused had been arrested and charged,” Matthews said.

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Police — who conducted searches of vehicles and residences across the Greater Toronto Area — seized four firearms during their probe, two of which were 3D printed, two silencers, 10 overcapacity magazines, more than 2,700 rounds of ammunition, half of which were blanks, cell phones, a replica firearm and “a large quantity of methamphetamine, cocaine and other controlled substances,” Matthews said.

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“Investigators later determined that approximately 2,500 rounds of the ammunition and five over-capacity magazines had been stolen from the Canadian Armed Forces.”

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The investigation “highlights an evolving trend that we are seeing in serious criminal activity,” Matthews said.

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The victim was targeted because the kidnappers thought he had access to cryptocurrency assets, he said. “Criminals continue to adapt their methods and identify new opportunities for financial gain.”

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Police haven’t connected the kidnapping to other Toronto abductions “at this point,” Matthews said, though police are still going through cell phones seized during the investigation.

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The three soldiers charged are Talarambage Sachintha Fernando, James Moreau and Jack Miley. All three men are members of the 7th Toronto Regiment, a reserve artillery unit based at Moss Park Armoury in Toronto.

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“Their training that they had received through the military is quite concerning, not only to the victims of this type of violence, but also to our officers that may encounter them,” Matthews said. “These are highly trained individuals with access to firearms.”