Gardai have raised concerns over a significant increase in investment fraud cases, with more than €28 million stolen from victims in the past year alone.
This alarming trend has shown no signs of easing, as more than €13.5 million has already been taken from unsuspecting individuals in 2024, surpassing the combined totals of 2021 and 2022.
Detective Superintendent Michael Cryan of the Garda National Economic Crime Bureau expressed concern that the final figure for this year could exceed last year’s total due to delays in reporting, RTE reported.
Since January 2020, over 1,117 cases of investment fraud have been reported, leading to losses of more than €75 million.
Cryptocurrency, particularly Bitcoin, has been a common element in nearly half (44 per cent) of these reported fraud cases.
Men have been identified as the primary targets, with 64 per cent of victims being male. The data also indicates that those aged over 40 are most vulnerable, making up more than half of the total number of victims.
Investment fraud involves criminals posing as investment managers, convincing individuals to invest in fake schemes or projects. The rise in such cases has prompted Gardaí to urge the public to exercise caution and verify the authenticity of investment opportunities before committing any funds.