Police have today closed a major $30 million cold call investment fraud syndicate operating from the Gold Coast.
The scam, which is understood to have affected more than 2000 victims across Australia, was finally busted following a complex and protracted, two-year joint-agency investigation.
Five people, including four men aged in their 30’s and 40’s and a 41-year-old woman, have been charged following raids on homes and businesses on the Gold Coast this morning.
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A search warrant was also conducted on a house and business in Brisbane.
Police allege the five arrested were either the principal players behind the scam or involved in the laundering of victims’ money.
“The scam involved high pressure sales tactics and offering victims incredible returns on share market investments via a computer program,” police said in a statement.
“The scam was supported by bogus websites containing fake information about the product and companies.”
Acting Detective Superintendent Peter Brewer of the Financial and Cyber Crimes Group said victims were scammed a total of $30m over a three year period.
“These types of scams are often very professional and convincing. People need to be aware that cold calling in relation to financial products of any description is illegal,” Detective Brewer said.
Company names used by the syndicate included ESL, Eurosoft, OWS, OW Sydney, One Wealth, GTA, GlobalTech, GTA Australia, GT Australia, GT Alliance, TRP, TRP Solutions, Thorne Roberts Price and Thomson Rowe Partners.
The investigation remains ongoing with anyone who may have been a victim of this or any other scam urged to contact police.