Peel Regional Police officials have apprehended a 31-year-old man from the Ottawa region in connection with a significant scam involving cryptocurrency investments that allegedly swindled victims out of more than $1.6 million.
According to investigators, in 2023, two individuals were lured into investing in what seemed to be a legitimate international cryptocurrency venture through social media. The victims were presented with online platforms displaying substantial growth in their investments.
Subsequently, authorities discovered that the platforms and the promised returns were completely fabricated. The victims collectively suffered losses of around $1.6 million.
On Nov. 27, Peel police, in collaboration with the Ottawa Police Service, conducted a search warrant in the Ottawa area and arrested Hanad Adam, 31, from Stittsville, Ont.
Adam is facing charges of fraud exceeding $5,000 and possession of property obtained through criminal means.
The police have emphasized that the investigation is ongoing and encourage anyone with relevant information to reach out to the Peel Regional Police Fraud Bureau or provide tips anonymously through Crime Stoppers.