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Digital Identity, Security & Online Fraud

Australian Police charges five people for crypto investment fraud

Monday 12 August 2019 | 10:45 AM CET

The Australian Police has charged five people for deceiving over 100 investors into handing over around USD 1.83 million, believing that they were generating significant profit.

From 2017, victims have been persuaded to invest cryptocurrency in a legitimate-seeming company called Exmount Holdings Group, which had a website, call centre and sales staff, according to the Financial and Cyber Crime Group‘s detectives.

The victims were allegedly lured into making a trial investment, with promises of high returns after they had invested more funds. They were provided website accounts where they could monitor the growth of their investment over the trial period.

The five individuals from Australia’s Gold Coast have now been charged with fraud and money laundering and will separately appear before a magistrate’s court on 9 August, 22 August and 5 November 2019.

More: Link
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