5 People Charged in $1.8 Million Cryptocurrency Investment Fraud Case in Australia

IMG_0382-300x200An investigation by the Financial and Cyber Crime Group lead to allegations that five individuals had defrauded at least 100 investors through a complex cold-call cryptocurrency investment scheme. This case lead to the theft of over $1.83 million and began in 2017.

According to a recent report by Coindesk, the individuals behind the cryptocurrency scheme went to great lengths to appear legitimate. Victims of the scheme were contacted by a firm called Exmount Holdings Group, which employed a sales staff and offered a professional website. The sales team was responsible for cold-calling victims and convincing them to take part in a cryptocurrency investment.

After investing their funds, victims were able to visit the website and use personal login information to view their account and the status of their investment. Investors were led to believe that their funds were growing successfully and could be withdrawn after a trial period. However, once the trial period had ended, the victims were unable to withdraw their funds and contacting the team behind the firm was unsuccessful.

Investigators allege that other websites and companies may have been linked to the scheme, including Exmount Holdings Ltd., The Quid Pro Quo Foundation, The Atlas Group, AFG Associates Pty Ltd., tradex123, exmounttrading, and atlasfxgroup.

The five individuals responsible for leading the investment fraud scheme have been charged with money laundering and fraud and are scheduled to appear at a magistrates court in August and November of this year.

The investigation alleges that the scam defrauded more than 100 victims. However, Queensland police are still identifying victims and additional connections to the scheme.