The law enforcement of Australia has recently charged five people for a cryptocurrency-related scam that involved $2.7 million AUD ($1.8 million USD). The investigation, which was made by the cybercrime division of the country, discovered that the criminals fooled over 100 investors.
According to the police, the criminals persuaded several people to invest in a company called Exmount Holdings Group. Initially, everything with the company seemed legitimate and investors could use the site in order to monitor their investments.
They were promised a quick return on investment, but when they tried to withdraw the money later, they discovered that they could not because there was no actual money to withdraw. They tried to contact the company but discovered that it did not exist.
The scheme was quite complex and it involved several other fake companies, including over eight other names that were used for the fraud.
After they were arrested, the five scammers, three men, and two women were charged with money laundering and fraud. They are now awaiting judgment. At the moment, the police are behind other people who might have been scammed by the criminals, so if you believe that you are one of them, you should contact Australia’s law enforcement soon for assistance.
The detective in charge of the operation, Terry Lawrence, affirmed that people should be aware that there is a huge risk in accepting any investment opportunities with companies which are not properly registered with a regulator. According to him, the best idea is to never accept deals over the phone, online and seek financial advisors and the authorities before investing.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.