This morning officers from the Queensland Police Service Fraud and Cyber Crime Group assisted by members of the Gold Coast Criminal Investigation Branch executed search warrants at residences and business premises on the Gold Coast as part of major operations targeting criminal organisation cold call investment scams.
Focused on fraudulent sports betting and share trading schemes Operations North Airbus, North Hurricane and Oscar Discus include victims of crimes spread across Australia with an estimated loss of over $10 million and one victim who has lost $790,000.
Members of the Australian Taxation Office (ATO) were also present during the searches and the two organisations are working closely together to investigate and prosecute persons committing investment fraud.
Search warrants were executed this morning at Brisbane, Clear Island Waters and Bundall. A 41-year-old man has been charged with major fraud offences. He is to appear in the Southport Magistrates Court tomorrow morning. Police will allege he was part of a syndicate that coordinated an unregulated business offering non-existent investment opportunities.
“Today’s action relates to investigations commenced in 2015 into a number of companies offering these schemes,” Detective Inspector Peter Brewer of the Fraud and Cyber Crime Group said.
“The ATO continues to work closely with us on this joint agency approach to dismantle these criminal investment and sports arbitrage syndicates. If you are involved in such activities, you should be on notice regulatory agencies will ensure that you comply with all your legal obligations, including obligations to pay the right amount of tax,” he said.
Acting Detective Superintendent Terry Lawrence of the Fraud and Cyber Crime Group stated the organised criminals behind the investment frauds used high pressure selling tactics and techniques along with the promise of high returns.
“Investors should be very cautious when dealing with persons offering monthly or annual returns on investment of 15% and over. Current returns on term deposits top out at 3.20% and over the period of a decade the average returns on shares, property and bonds is between 6.5% to 7.1%.
“Our interest is in ensuring the organisers and directors of these companies are prosecuted and have a clear understanding we are undertaking a number of current investigations,” Acting Detective Superintendent Terry Lawrence of the Fraud and Cyber Crime Group said.
Queensland Police continue to urge people to seek professional independent investment and legal advice when investing in schemes of this nature. Resources to inform people of this type of unscrupulous and unlawful conduct can be found at the ASIC MoneySmart website, the Scamwatch website of the Australian Competition and Consumer Commission and the website of the Office of Fair Trading.
The Fraud and Cyber Group investigations are continuing and further arrests are expected.
Anyone with information which could assist with this matter should contact Crime Stoppers anonymously via 1800 333 000 or crimestoppers.com.au 24hrs a day.
Crime Stoppers is a registered charity and community volunteer organisation working in partnership with the Queensland Police Service.
For all non-urgent police reporting or general police inquiries contact Policelink on 131 444 or Policelink.qld.gov.au 24hrs a day.