Gardaí issue alert over investment fraud after €3m. loss by Irish people in eight months
Irish people have lost almost €3 million in investment fraud in the first eight months of this year.
That's according to An Garda Siochana as the force launched an awareness campaign on investment fraud.
This is where people are persuaded or induced to make investment decisions and where the money invested is used for purposes not intended or where there is no business opportunity at all.
The investor is deceive into investing in something which is misrepresented.
There are generally promises of fast enormous returns, it’s a once in a lifetime opportunity, includes hard aggressive selling and can be seen to be endorsed by reputable business people and/or celebrities - but this is without their knowledge.
In most cases there is no business opportunity, the entity is not registered nor does it exist.
If registered it is registered well outside Ireland and even the EU.
Gardaí say that in the majority of cases people were duped into investing in cryptocurrency by pop-up ads or by online searches.
Examples can include:
• Investment vehicles where funds are used for purposes not agreed by the investor.
• Investment in property / funds / projects / business which do not exist.
• Investment in crypto currencies.
• Theft of funds invested genuine companies by staff or used by staff for personal gain..
• Ponzi schemes
• Pyramid schemes.
Gardaí across Ireland are seeing an increase in reports of investment fraud.
In the first eight months of 2020, there is approximately a 61.5% increase in reports.
The vast majority of these involve crypto currencies.
But this type of crime is believed to be under- reported due to embarrassment, not wanting family to know, a knowledge that the money is gone and sometimes a hope being held out that the investment will come good in the end.
The full An Garda Siochána report can be accessed via the following link: