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Aussie crypto scam worth A$2.7 million busted, five arrested

Aug 08 2019
By
Jonathan Smith

 

A criminal group in Gold Coast, Australia were arrested for allegedly scamming over 100 Australians with A$2.7 million in cryptocurrency investment. Queensland Police charged five members of the group with fraud and money laundering after a complex and lengthy investigation known as Operation Quebec Walnut.

 

The criminal group posed as multiple cryptocurrency investment firms and websites from 2017 till May this year: “Exmount Holdings Ltd”, “The Quid Pro Quo Foundation”, “The Atlas Group”, “AFG Associates Pty Ltd”, “tradex123”, “exmounttrading”, “atlasfxgroup” and “amazonqus”.

 

They had a call center and sales staff and cold-called potential victims, persuading them to invest and promising lucrative returns. Victims were even offered a trial investment, so they could log in some sort of platform where they could watch their initial investment grow. When they tried to withdraw, however, the money had gone, and they could not get in touch with the company’s employees.

 

Queensland Police said that there might be more victims out there who haven’t reported the scam yet. They also 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.”

 

According to the Australian Competition and Consumer Commission, Australians lost over 86 million USD to investment scams in 2018.

 

TAGS: cypto scam  Australia  police  arrest  Exmount Holdings 

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