Which Save Max Brokerages Are Suspended?

The regulatory enforcement action by RECO applies to four specific Mississauga-based entities operating under the Save Max brand. These brokerages have had their registrations suspended and their bank accounts frozen to protect remaining consumer deposits:

• Save Max Real Estate Inc. (Broker of Record: Raman Dua)
• Save Max First Choice Real Estate Inc. (Broker of Record: Nidhi Dua)
• Save Max Supreme Real Estate Inc.
• Save Max Ace (1000063733 Ontario Inc.)

What Led to the RECO Regulatory Action?

The investigation, which included a third-party forensic review completed in January 2026, stems from a formal complaint filed in December 2024. According to RECO, the review uncovered systemic violations of the Trust in Real Estate Services Act, 2002 (TRESA).

Investigators found that trust funds, which are strictly required to be held for consumer deposits, were routinely withdrawn for operational cash flow. Specifically, the funds were allegedly used for:

• Corporate loan payments and credit card balances.
• Property management fees and vendor services.
• Payment of business taxes.

RECO noted a pattern where funds were removed mid-month and replenished just before month-end reconciliations to avoid detection—a serious breach of fiduciary duty and provincial law.

Impact on Raman Dua and Nidhi Dua

RECO has issued Notices of Proposal to Revoke Registration for both Raman Dua and Nidhi Dua. Raman Dua, the high-profile founder and CEO of the Save Max group, is the Broker of Record for the primary Mississauga office. RECO has stated that the misuse of trust funds represents a fundamental failure of leadership and regulatory compliance, eroding public confidence in the Ontario real estate sector.

What Should Clients of Save Max Do?

For buyers and sellers currently in transactions with the affected brokerages, the situation is critical. Because RECO has frozen the trust accounts, the brokerages cannot independently disburse deposit funds.

• Current Transactions: Clients should consult with their legal counsel immediately to determine how to proceed with closings.
• Insurance Claims: Consumer deposits held by these brokerages are protected by RECO’s consumer deposit insurance. Claimants may need to navigate the formal insurance process to recover frozen funds.
• Other Save Max Locations: RECO clarified that inspections of other Save Max franchise locations across Ontario did not identify similar trust account concerns at this time.

Conclusion: A Major Shift in Regulatory Oversight

This action signals a major crackdown by RECO in 2026, following recent transformation initiatives aimed at modernizing regulatory enforcement. As the real estate market in the GTA faces continued scrutiny, this case serves as a stark reminder of the importance of trust account integrity and the severe consequences of violating TRESA compliance standards.