Four people have been arrested and charged over an alleged cryptocurrency investment scam operating on the Gold Coast that defrauded around 30 people out of $1.5 million.
The charges come following an almost two-year investigation by Queensland Police into cold call investment fraud or “boiler room” schemes.
“Investigations focused on the fraudulent activity of companies including ‘Crypto Advisers Australia’, ‘Strategic Capital’, ‘Active Marketing Solutions’ and ‘Alternative Capital’ in relation to cryptocurrency investment frauds,” police said this morning.
“Following extensive investigations, it will be alleged the company defrauded over $1.5 million from approximately 30 people between 2018 and 2021 utilising a Ponzi scheme method and identity takeovers.
“It will be further alleged that the offenders moved illicit funds through cryptocurrency, precious metals, luxury motor vehicles and real estate to conceal the source of the illicit funds.”
On March 11 and 12, police arrested a 37-year-old man, a 67-year-old woman and a 36-year-old man, all from the Gold Coast, who were all charged with a single count of money laundering.
All are expected to appear in Southport Magistrates Court today.
Police also arrested a 46-year-old North Brisbane man and charged him with four counts of fraud and one count of money laundering â knowingly.
He appeared at Brisbane Magistrates Court on March 25 and is expected to next appear on May 27.
Following the arrests, Queensland Police issued a warning to people looking for big investment returns.
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“We understand people are keen to invest in financial products that can see a quick return in the current economic environment, however prospective consumers should always do due diligence before investing in any product,” Detective Acting Steve Inspector Paskin said.
“People should seek professional advice from a registered financial planner to understand the legitimacy of the investment, what their expected returns are, and the risk involved.”
News of the arrests comes a day after the ACCC revealed Australians lost a collective $2.74 billion to scams in 2023 â a 13.1 per cent decrease from the year before.
