Altcoin News: Five Australians Accused of Cryptocurrency Fraud of $1.83 Million
Australia’s Crime and Crime Prevention and Financial Crime Unit said fraudsters tricked more than 100 investors into tricking out about $1.83 million.
Fraudsters convinced victims that their investments would bring significant returns. According to a statement issued by the Queensland police, in 2017, the organizers of the scheme urged victims to invest cryptocurrencies in a company called Exmount Holdings Group, which had a website, a call center and sales specialists.
The victims were invited to make a test investment, after which it was necessary to invest more funds, which supposedly bring significant income. They were provided with accounts on the website where they could track the growth of their investments during the trial period. Detective Terry Lawrence of the financial and Cyber Crime Group said:
“When victims attempted to withdraw their capital, they could not. Their money had gone and any attempt they made to contact one of the companies or their staff was unsuccessful.”
Other organizations and websites allegedly linked to the fraudulent scheme include Exmount Holdings Ltd, The Quid Pro Quo Foundation, Atlas Group, AFG Associates Pty Ltd, tradex123, exmounttrading, atlasfxgroup and amazonqus, police said. Five organizers of the scheme are currently accused of fraud and money laundering and will appear before the world court on August 9, August 22 and November 5.
Queensland police are still looking for other fraud victims or people with information that could help the investigation.
Lawrence warned the public to “be wary of any unsolicited telephone calls or emails offering investment opportunities and seek independent advice from friends, family or financial advisors.”
In May, the Australian regulator warned against investing in the OneCoin cryptocurrency pyramid, and in April it was reported that Australians lost more than $6 million in cryptocurrency fraud.
Author: Marko Vidrih