FIVE men have been arrested and charged over an alleged cold call investment scam on the Gold Coast.
The arrests follow protracted investigations by the Financial and Cyber Crime Group, as well as the Drug and Serious Crime Group and Major and Organised Crime Squad.
Officers on Tuesday raided the offices of Exelon Group Pty Ltd and Cold Trading International Pty Ltd in Bundall.
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Cold Trading International began operating in May last year, while Exelon Group was registered with ASIC and incorporated in May 2016.
Police allege the two businesses were used a front for a fraudulent cold calling syndicate that allegedly scammed hundreds and thousands of dollars from ‘clients’.
On its website, the Exelon Group prides itself on putting its clients first, an idea it says “permeates our culture to its core”.
“For over 20 years, it has driven us to create the innovative products and services we offer today,” the website reads.
“As a result, we help our clients utilise our system and methods to proactively utilise lay trading in their everyday lives.”
Online forums have, for the past several months, been flooded with horror stories from alleged victims.
“I’ve been done by a company called Cold Trading International for 15k…we all need to get together to get these thieves,” A man by the name of ‘Peter’ wrote in September 2017.
Both the Exelon Group and Cold Trading International remain listed as ‘active’ with ASIC.
Computers, mobile phones and documents were seized during Tuesday’s raid and five men aged 55, 52, 33, 30 and 25 were arrested.
All five have been charged with fraud – dishonesty induces delivery of property over $100,000.
The younger man was also charged with contravene order about information necessary to access information store electronically.
All five men were scheduled to appear in Southport Magistrates Court today.
You can also report information about crime anonymously to Crime Stoppers by calling 1800 333 000 or via crimestoppersqld.com.au 24 hours per day. Crime Stoppers is a registered charity and community volunteer organisation.