Gardaí in Kerry have arrested and charged a man in relation to suspected investment fraud resulting in the loss of approximately €125,000.
In 2018, Gardaí in Tralee received a report from three individuals who believed they were subject to investment fraud between 2010 and 2012. Each person had seen an article in a newspaper which offered an overseas investment opportunity with a "guaranteed return within 24 months”. However, no money was ever returned to the would-be investors.
An investigation was carried out by Gardaí in Tralee and a man, aged in his 50s, was arrested this morning, March 15, 2021. He was detained at Tralee Garda and has since been charged. He is due to appear before Tralee District Court on March 31, 2021 at 10.30am.
Crime Prevention Advice - Remember if it sounds too good to be true then it probably is.
How to Identify and Protect Yourself from Investment Fraud Scams.
Common investment scams may include lucrative investment opportunities such as shares, bonds, cryptocurrencies, rare metals, overseas land investments or alternative energy
An Garda Síochána is asking the public to be aware of the rise in investment fraud scams. Unfortunately such scams are becoming more prevalent, particularly during the pandemic due to increased online traffic and targeting of the general public by criminals using ever increasingly sophisticated means.
What is investment fraud?
An investment fraud scam is a fraud where criminals pose as investment managers, promise quick and high rates of return, and simply steal your money. The fraudster uses various investment schemes such as in rare metals, overseas property, and alternative energy schemes such as carbon credits and forestry. Promises are made of fast, enormous returns, once in a lifetime opportunities and can be seen to be endorsed by reputable business people or celebrities but this is without their knowledge
How to identify an investment fraud?
Nearly all recent crimes involve virtual assets such as bitcoin and other cryptocurrencies. Many people online are responding to pop-up adds, following advice received via social media or they seek out investment advice on the internet and follow links to company sites which appear to be professional. Quite often these fraudulent sites are hosted well beyond the EU or are companies registered in unregulated jurisdictions.
There is a huge element of aggressive, hard selling associated with investments frauds. Professional charts and graphs are used to show how much money the victim will make. Once the victim is duped into a fraudulent investment, there are many means by which the criminal can steal funds from the victims account – including via remote access to the victim’s computer, receipt of personal information, bank accounts and photographic identification. False investments are made on behalf of the victim while the criminal transfers and steals the money.
How to avoid Investment Fraud scams?
If it is too good to be true, it probably is. Do your own research and be wary of wild claims.
Always seek independent financial and legal advice before making any investments. Check the various registers on the Central Bank of Ireland’s website. Use regulated investment firms where possible (Virtual assets are not currently regulated in Ireland). Do not respond to unsolicited approaches or cold-calls. Don’t click on links for websites that you don’t know. NEVER EVER disclose your bank account passwords or codes. NEVER allow anyone remote access to your computer Further information on investment and other fraud types can be found on www.garda.ieandwww.fraudSMART.ie
