Police charge seven in $14 million international investment scam, defrauding 30 Aussies
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In a world where financial security is paramount, especially for those who have worked hard all their lives to build a nest egg, the threat of investment scams is a chilling reality.
Victoria Police's recent crackdown revealed a sophisticated international investment scam that has left at least 30 Australians $14 million out of pocket.
This serves as a stark reminder to be vigilant with our hard-earned money.
The elaborate scheme involved seven individuals who were charged for their roles in facilitating this fraudulent operation.
An international syndicate allegedly recruited these 'Victorian-based mules' to set up sham businesses and bank accounts within local financial institutions.
The overseas scammers then posed as bank officials and stockbrokers.
They used these accounts to deceive victims into thinking they were making legitimate investments in fixed-term deposits or purchasing shares through a brokerage.
The scam was as cunning as it was cruel, with the perpetrators moving over $14 million offshore between August 2022 and February 2024.
The seven individuals involved received commissions for their part in this deceitful plot, but at what cost?
The victims, including a 56-year-old ACT woman who transferred a staggering $1.6 million and an 86-year-old Melbourne woman who lost $400,000, were left with nothing but the devastating realisation that their life savings had vanished into thin air.
Inspector Timothy Cron, ND5 Investigation and Response Manager, expressed the heartbreak of such situations, stating, 'It is beyond devastating for innocent victims to be allegedly scammed out of their life savings.'
‘To anyone thinking of making a quick dollar by participating in these scams – know that what you’re doing is a crime, and you will be held accountable.’
He also sternly warned those considering involvement in such scams, emphasising the severe criminal nature of these actions and the certainty of being held accountable.
The investigation, which has been ongoing for over a year, led to the arrests of the seven culprits over the past nine months.
The accused include residents from Watsonia, Preston, Point Cook, Hawthorn, Reservoir, and Heidelberg Heights.
Charges range from knowingly dealing with the proceeds of crime to dealing with property suspected of being the proceeds of crime.
While the Watsonia pair remains in custody, the others have been bailed or charged on summons and are awaiting their day in court on 26 September 2024.
In other news, a Sydney man has been charged with 34 offences related to a property scam that targeted prospective tenants on social media.
The scam involved fraudulent advertisements for rental properties, with victims paying bond fees between February 2022 and October 2023. You can read more about it here.
Have you or someone you know been targeted? What measures do you take to safeguard your investments? Feel free to share your thoughts and insights in the comments below.
Victoria Police's recent crackdown revealed a sophisticated international investment scam that has left at least 30 Australians $14 million out of pocket.
This serves as a stark reminder to be vigilant with our hard-earned money.
The elaborate scheme involved seven individuals who were charged for their roles in facilitating this fraudulent operation.
An international syndicate allegedly recruited these 'Victorian-based mules' to set up sham businesses and bank accounts within local financial institutions.
The overseas scammers then posed as bank officials and stockbrokers.
Victoria Police have charged seven people in a global investment scam that swindled $14 million from 30 Australians. Credit: Shutterstock
They used these accounts to deceive victims into thinking they were making legitimate investments in fixed-term deposits or purchasing shares through a brokerage.
The scam was as cunning as it was cruel, with the perpetrators moving over $14 million offshore between August 2022 and February 2024.
The seven individuals involved received commissions for their part in this deceitful plot, but at what cost?
The victims, including a 56-year-old ACT woman who transferred a staggering $1.6 million and an 86-year-old Melbourne woman who lost $400,000, were left with nothing but the devastating realisation that their life savings had vanished into thin air.
Inspector Timothy Cron, ND5 Investigation and Response Manager, expressed the heartbreak of such situations, stating, 'It is beyond devastating for innocent victims to be allegedly scammed out of their life savings.'
‘To anyone thinking of making a quick dollar by participating in these scams – know that what you’re doing is a crime, and you will be held accountable.’
He also sternly warned those considering involvement in such scams, emphasising the severe criminal nature of these actions and the certainty of being held accountable.
The investigation, which has been ongoing for over a year, led to the arrests of the seven culprits over the past nine months.
The accused include residents from Watsonia, Preston, Point Cook, Hawthorn, Reservoir, and Heidelberg Heights.
Charges range from knowingly dealing with the proceeds of crime to dealing with property suspected of being the proceeds of crime.
While the Watsonia pair remains in custody, the others have been bailed or charged on summons and are awaiting their day in court on 26 September 2024.
In other news, a Sydney man has been charged with 34 offences related to a property scam that targeted prospective tenants on social media.
The scam involved fraudulent advertisements for rental properties, with victims paying bond fees between February 2022 and October 2023. You can read more about it here.
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