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Peel police say a man from the Ottawa area is facing charges after allegedly defrauding victims in a “large-scale cryptocurrency investment scam.”
Police allege that in 2023, two victims were solicited through social media and convinced to participate in what they believed to be a “legitimate international cryptocurrency investment opportunity.”
“Both invested significant sums of money and were given access to online investment platforms indicating their initial investment had grown substantially,” Peel police said in a news release issued Friday.
“It was later determined that these platforms—as well as the reported investment returns—were entirely fictitious.”
The total losses amounted to about $1.6 million, police noted.
Police said with the assistance of Ottawa police, 31-year-old Hanad Adam, of Stittsville, Ont., was arrested in connection with the alleged scam.
He has been charged with fraud over $5,000 and possession of property obtained by crime.
“Investigators are reminding the public about ongoing and evolving fraudulent activity surrounding online cryptocurrency investment opportunities, and to take the following precaution,” the news release continued.
“Be cautious of unsolicited messages or advertisements on social media promoting cryptocurrency investments, including those claiming to be associated with celebrities or public figures.”
Police said fraudulent crypto-asset trading platforms can “closely resemble legitimate sites” and it can be difficult to tell them apart.
“Be skeptical of promises of exceptionally high or guaranteed investment returns,” police added.
“Verify the identity, credibility, and qualifications of anyone offering investment services.”
Any additional victims are urged to contact the Fraud Bureau at 905-453-3311, police added.
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