Gardaí in Limerick issue warning due to increases in reported investment fraud
Advice issued by gardaí, who say the crime is generally underreported
AN INCREASE in investment fraud has sparked a warning by Limerick gardaí, who say the crime is “underreported”.
Gardaí in Limerick have issued advice and have urged caution following a rise in investment fraud incidents around the country, saying “if an investment sounds too good to be true, it generally is”.
Investment fraud is where people are persuaded or induced to make investment decisions, where the money invested is used for purposes not intended or where there is no business opportunity at all.
“The investor is deceived into investing in something which is misrepresented,” said garda John Finnerty of Henry St garda station.
“There are generally promises of fast, enormous returns, that it’s a once-in-a-lifetime opportunity.
“The vast majority of these involve cryptocurrencies, but this type of crime is believed to be underreported due to embarrassment, not wanting close family members to know, a knowledge that the money is gone and sometimes, a hope being held out that the investment will come good in the end.”
Gardaí have advised prospective investors in Limerick to always seek independent financial and legal advice before making any decisions with their money, not to respond to cold calls and to only use regulated entities.
“Be wary of unsolicited emails, texts, calls, offers or advice and never, ever give away your banking codes, pins, passwords, or any other personal data,” garda Finnerty said.
“Prior to entering into a financial services transaction, members of the public can check the regulatory status of the firm they are dealing with.
“And remember, if an investment sounds too good to be true, it generally is.”