Detectives from the Financial Crimes Squad have charged a 24-year-old man following an investigation into a fraudulent investment scheme.
The accused in this matter is the managing director of an investment firm.
It will be alleged;
Between February 2021 and February 2024, the accused entered into several contracts with varying victims under the guise that he would perform trades on the Global Stock Exchange with their invested capital.
The victims were led to believe the investments were secure with anticipated returns of about three percent per month. Conditions were also provided that investment accounts could be terminated at any time, with the closing account balance deposited back to the investor within 5-10 days.
The accused received approximately $2 million in funds from victims across Australia.
A small number of victims received partial funds from their investment, however many victims did not receive any return; and subsequently reported their concerns to police via ReportCyber.
On 6 March 2024, the 24-year-old Mandurah man was arrested in Mandurah and charged with 11 counts of ‘Gains Benefit by Fraud’. He is due to appear before the Perth Magistrates Court on 22 March 2024.
Inquiries remain ongoing.
To report a cybercrime, view cybercrime information or to access help about cybercrime, go to the ReportCyber website.
All cybercrime reports must be submitted online at the ReportCyber website, which refers reports to the most applicable agency in Australia.
End Release
Police Media Unit
15 March 2024
Media ref: 21086
