Police warn of investment scams

AS part of National Consumer Fraud Week, which ends tomorrow, the Queensland Police Service is urging the community to be wary of investment scams and schemes that offer easy money making opportunities.

Each week the State Crime Operations Command’s Fraud and Corporate Crime Group is contacted by members of the public reporting new scams.

Detective Inspector Jason Saunders of the Fraud and Corporate Crime Group said investment scams were becoming more common.

“Right now there are hundreds, if not thousands of scams doing the rounds. In these tough economic times it is easy to become tempted but we are urging the public to stay vigilant and to ensure they don’t become a victim,” he said.

The Fraud and Corporate Crime Group has investigated several complaints in the last year relating to sports arbitrage or sport investment schemes.

Most of those schemes have been conducted from the Gold Coast but lured victims from all over Australia and some from overseas.

The schemes usually ask for a large upfront fee which is sometimes referred to as a licence or an administration fee.

However, many of these agencies are simply taking excessive fees from customers and leaving them with nothing.

The Fraud and Corporate Crime Group is working closely with such agencies as the Office of Fair Trading and the Australian Competition and Consumer Commission to fight the problem.

Anyone with information should contact Crime Stoppers anonymously via 1800 333 000 or www.crimestoppers.com.au.

Gympie Times


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