“Staggering amounts” of money are being stolen through investment fraud which is on the rise in Ireland, as more than €13.5 million has been lost so far this year, according to gardaí.
More than €28 million was stolen last year after members of the public invested money in schemes and projects that “do not exist”.
Since January 2020, more than €75 million has been reported stolen through investment fraud.
“Sophisticated criminals” are taking advantage of a period of high cost of living, gardaí said, by cloning web pages and targeting victims through adverts online.
Kyran Durnin murder: Gardaí expect further arrests for range of crimes in case
High Court orders man to be detained in care facility immediately after jail release
Farmer spared jail for throwing bag of cow dung at politician during Co Galway meeting
Michael Flatley’s Castlehyde mansion does not have adequate insurance cover, receiver claims
The adverts promise “once in a lifetime opportunities” in the form of fast and large financial returns through investments.
Some 1,117 people have reported incidents of investment fraud to gardaí since January 2020, with 44 per cent of those concerning cryptocurrencies such as Bitcoin.
The majority of victims have been male (64 per cent) while those aged 40 and over make up more than half of all victims.
Among them was a man who initially invested €250 after encountering a trading broker online.
After several more investments, he noticed that the fund was rising rapidly and was able to withdraw €5,000, leading him to believe that the company was legitimate.
The man continued to invest considerable amounts of money, amounting to €250,000 within weeks, according to gardaí.
The online trading broker disappeared, with the victim losing any money invested. The case is currently under investigation by gardaí.
Separately, a man sent €45,000 through a phone app, believing it would be used for trading, after initially spotting an advert on social media for an investment scheme.
The man was recently told that he held over €727,000, which was available through an Ethereum virtual wallet, however, he could not access it.
When he questioned this, he was told he had to pay €36,000 in Dirt tax to access the fund. He reported the fraud to gardaí soon after.
Similarly, a woman who saw a post on social media advertising investment opportunities lost €28,600 after agreeing to transfer it from her Revolut account to another.
“Investment fraud is on the rise and the schemes are more sophisticated than ever before.
“Sadly, those who become victims are ordinary, decent people that are having huge amounts of their life savings stolen from them be it their inheritance or a retirement lump sum,” said Det Supt Michael Cryan of the Garda National Economic Crime Bureau.
He said those involved in fraudulent schemes will often sound convincing and claim to have insider knowledge but in reality, are career criminals who follow well-rehearsed scripts
“Investment fraud can easily happen and no one is to be judged – we really encourage anyone who has been a victim in the past or who has more recently become a victim of investment fraud to please come forward and speak with us in any Garda station,” he said.
Gardaí advised to ignore unsolicited approaches or cold calls about investments and to not invest money until reliable financial and legal advice is sought.
- Sign up for push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Listen to our Inside Politics podcast for the best political chat and analysis
