Peel Regional Police say a 31-year-old Ottawa-area man has been arrested in connection with a large-scale cryptocurrency investment scam that allegedly defrauded victims of more than $1.6 million.
Investigators claim that in 2023, two victims were solicited through social media and persuaded to invest in what appeared to be a legitimate international cryptocurrency opportunity. The victims were given access to online platforms showing their investments had grown significantly.
Police later determined the platforms—and the reported returns—were entirely fictitious. In total, the victims lost approximately $1.6 million.
On Nov. 27, Peel police, with assistance from the Ottawa Police Service, executed a search warrant in the Ottawa area and arrested Hanad Adam, 31, of Stittsville, Ont.
Adam is charged with fraud over $5,000 and possession of property obtained by crime.
Police say the investigation is ongoing and urge anyone with information related to the case to contact the Peel Regional Police Fraud Bureau or Crime Stoppers anonymously.