Peel police say a man from the Ottawa area is facing charges after allegedly defrauding victims in a \u201clarge-scale cryptocurrency investment scam.\u201d <\/p>\n
Police allege that in 2023, two victims were solicited through social media and convinced to participate in what they believed to be a \u201clegitimate international cryptocurrency investment opportunity.\u201d <\/p>\n
\u201cBoth invested significant sums of money and were given access to online investment platforms indicating their initial investment had grown substantially,\u201d Peel police said in a news release issued Friday. <\/p>\n
\u201cIt was later determined that these platforms\u2014as well as the reported investment returns\u2014were entirely fictitious.\u201d<\/p>\n
The total losses amounted to about $1.6 million, police noted. <\/p>\n
Police said with the assistance of Ottawa police, 31-year-old Hanad Adam, of Stittsville, Ont., was arrested in connection with the alleged scam. <\/p>\n
He has been charged with fraud over $5,000 and possession of property obtained by crime. <\/p>\n
\u201cInvestigators are reminding the public about ongoing and evolving fraudulent activity surrounding online cryptocurrency investment opportunities, and to take the following precaution,\u201d the news release continued. <\/p>\n
\u201cBe cautious of unsolicited messages or advertisements on social media promoting cryptocurrency investments, including those claiming to be associated with celebrities or public figures.\u201d <\/p>\n
Police said fraudulent crypto-asset trading platforms can \u201cclosely resemble legitimate sites\u201d and it can be difficult to tell them apart. <\/p>\n
\u201cBe skeptical of promises of exceptionally high or guaranteed investment returns,\u201d police added. <\/p>\n
\u201cVerify the identity, credibility, and qualifications of anyone offering investment services.\u201d <\/p>\n
Any additional victims are urged to contact the Fraud Bureau at 905-453-3311, police added. <\/p>\n","protected":false},"excerpt":{"rendered":"Peel police say a man from the Ottawa area is facing charges after allegedly defrauding victims in a…\n","protected":false},"author":2,"featured_media":327406,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[712,49,48,44],"class_list":{"0":"post-327405","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-canada","8":"tag-apple-news","9":"tag-ca","10":"tag-canada","11":"tag-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/327405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=327405"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/327405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/327406"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=327405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=327405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=327405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}