News Release header

Public Safety Alert,
Cryptocurrency Investment Fraud



Broadcast time: 14:30
Date: Friday, September 10, 2021
Unit: 41 Division
Phone: 416-808-4100
Case #: 2021-1720332


The Toronto Police Service is advising the public of an ongoing investment scam.

It is reported:

- the victim viewed an investment ad for cryptocurrencies on social media

- the victim clicked on the ad and entered some personal information

- the victim received a phone call from a suspect advising them of how to become successful in investing in cryptocurrencies

- the suspect provides the victim with a website which appeared to look like a legitimate
cryptocurrency exchange

- the victim was encouraged to make a deposit

- the victim's deposit balance was manipulated to appear as if their investment has gained a
substantial amount

- the victim was encouraged to deposit more money

- the victim attempted to withdraw the money when the website "support" team informed them that they needed to pay a substantial amount in taxes due to the withdrawal of the funds

- when the victim makes these payments, the "support" team bring up additional expenses that are required in order to release the money

- the money is never returned

- in rare cases, a small quantity of money is released in the first instance to make the victim believe that the exchange is legitimate. This is a ploy to have them continue with deposits

Anyone with information is asked to contact police at 416-808-4100, Crime Stoppers anonymously at 416-222-TIPS (8477), online at www.222tips.com, online on our Facebook Leave a Tip page, or text TOR and your message to CRIMES (274637). Download the free Crime Stoppers Mobile App on iTunes or Google Play.


For more news, visit TPSnews.ca.



Constable Caroline de Kloet, Corporate Communications, for Detective Constable Steve Wasilishin, 41 Division