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Peel Regional Police have charged a 31-year-old man in connection with an alleged large-scale cryptocurrency investment scam totalling more than $1.6 million.
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In 2023, cops say, two people were solicited through social media and enticed into participating in what they believed to be a legitimate international cryptocurrency investment opportunity.
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Both invested significant sums of money and were given access to online investment platforms indicating their initial investment had grown substantially.
It was later determined that these platforms — as well as the reported investment returns — were entirely fictitious.
In total, the losses amounted to approximately $1.6 million.
On Nov. 27, Peel police, with support of the Ottawa Police, executed a search warrant in the Ottawa area and arrested Hanad Adam, of Stittsville. He is charged with fraud over $5,000 and possession of property obtained by crime.
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Police tips to avoid fraud
Investigators are reminding the public about ongoing and evolving fraudulent activity surrounding online cryptocurrency investment opportunities, and to take the following precautions:
— Be cautious of unsolicited messages or advertisements on social media promoting cryptocurrency investments, including those claiming to be associated with celebrities or public figures.
— Be aware that fraudulent crypto-asset trading platforms can closely resemble legitimate sites, making them difficult to distinguish.
— Be skeptical of promises of exceptionally high or guaranteed investment returns.
— Verify the identity, credibility, and qualifications of anyone offering investment services.
Peel investigators ask anyone who believes they have fallen victim to contact the Fraud Bureau at 905-453-3311, ext. 3335.
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