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Investment scam reaps $93m

ORGANISED crime groups have used fake investment opportunities to defraud about 2400 Australians of more than $93 million in retirement savings over the past four years, according to the Australian Crime Commission. The scam is based on a "cold-call" offering investment opportunities for superannuation and retirement savings using high-pressure sales tactics.

ORGANISED crime groups have used fake investment opportunities to defraud about 2400 Australians of more than $93 million in retirement savings over the past four years, according to the Australian Crime Commission. The scam is based on a "cold-call" offering investment opportunities for superannuation and retirement savings using high-pressure sales tactics.

Professional hoax websites are used by the organised criminals to further legitimise the scam.

The criminals running the scam are believed to be operating mainly from south-east Asia.

Australian Crime Commission chief executive John Lawler said authorities were still trying to uncover the full extent of the scam, and exactly how many Australians it might have affected.

A taskforce was established in April comprising law enforcement agencies, as well as the Australian Competition and Consumer Commission, Department of Broadband, Communications and the Digital Economy, Department of Immigration and Citizenship, Department of Human Services and the Australian Transaction Reports and Analysis Centre. Authorities urged investors to always seek independent financial advice.


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