Today a 38-year-old man formerly of Rockhampton has been charged with multiple counts of fraud following an 11-month investigation undertaken by officers from the Financial and Cyber Crime Group, Capricornia District, Queensland Police say.
Operation Papa Arches commenced after complaints were received regarding a business known as the ‘Investment Café’, which offered financial returns through investment in shares managed in a Forex Trading Platform.
Police will allege the Investment Café was never a registered business and although some funds were invested, police will allege the offender converted in excess of $5 million of invested money for his own personal benefit. It is further alleged he used false statements to deceive investors.
In February and after an extensive investigation with assistance from the public, a 38-year-old man was located near Emerald. He was initially charged with two counts of fraud and remained in police custody.
Today, police further charged the man with 38 fraud offences relating to the investment fraud.
The 38-year-old man is in custody and due to reappear in Rockhampton Magistrates Court on May 10, 2018.
“There are 40 victims in this fraud largely from the Capricornia area. These victims entrusted the offender with their life savings, superannuation or redundancy payments, in the belief their funds were being properly managed.
“We recommend investors seek out independent financial advice, and make sure they are comfortable with and in control of the investment decisions. You decide, not the scammers,” Detective Superintendent Terry Lawrence of the Financial and Cyber Crime Group said.
If you have information for police, contact Policelink on 131 444 or provide information using the online form 24hrs per day.
You can report information about crime anonymously to Crime Stoppers.