At least five suspects were arrested in Australia’s Gold Coast with relation to defrauding over 100 Australian cryptocurrency investors and swindling them out of $2.7 million dollars in the process.
Investors Lured with High Returns on Investing More Funds
Following “complex and protracted” investigations in which officials of the financial and cybercrime group were tracking a syndicate of scammers in collaboration with a number of other companies, the five suspects in question will appear separately before the Southport Magistrate Court on 9th August, 22nd August and 5th of November. The companies involved in the scheme include “Exmount Holdings Ltd”, “The Quid Pro Quo Foundation”, “The Atlas Group”, “AFG Associates Pty Ltd”, “tradex123”, “exmounttrading”, “atlasfxgroup” and “amazonqus”.”
This news comes following a report by the Queensland p0olice on Thursday that about 100 Australian cryptocurrency investors were defrauded in a crypto investment scheme which promised high returns on Investment (ROI). The unsuspecting investors were lured with a trial investment and high returns if they invested more funds. They were also provided with personal log in details which allowed them to track their personal initial investments and the profits generated from them during the trial period.
However, the investors soon learned that they had been defrauded when they tried withdrawing their funds from the website but couldn’t. According to Terry Lawrence, Financial and Cyber Crime group detective superintendent,
“When victims attempted to withdraw their capital, they could not…Their money had gone and any attempt they made to contact one of the companies or their staff was unsuccessful.”
Further speaking on the incidence, Lawrence advised the community members to be careful and make wise decisions with their finances.
“We ask the community to remain resilient against this type of offending. Always be wary of and maintain control of your finances.”