A MAN HAS been arrested in Kerry in connected with suspected investment fraud which resulted in three people losing around €125,000.

In 2018, Gardaí in Tralee received a report from three people who believed they were subject to investment fraud between 2010 and 2012.

The victims had all seen an article in a newspaper which offered an overseas investment opportunity with a “guaranteed return within 24 months”. However, no money was ever returned to the would-be investors.

An investigation was carried out and a man, aged in his 50s, was arrested this morning.

He was detained at Tralee Garda station and has since been charged. He is due to appear before Tralee District Court on 24 March.

A garda spokesperson urged the public to be wary of investment fraud scams. “Remember if it sounds too good to be true then it probably is,” the force said in a statement.

Investment scams are often billed as opportunities to buy shares, bonds, cryptocurrencies, rare metals, overseas land investments or alternative energy.

The gardaí said investment scams are becoming more prevalent due to increased online traffic and criminals targeting the public with increasingly sophisticated means.

The police force issued the following advice to avoid investment fraud scams:

• If it is too good to be true, it probably is.
• Do your own research and be wary of wild claims.
• Always seek independent financial and legal advice before making any investments.
• Check the various registers on the Central Bank of Ireland’s website.
• Use regulated investment firms where possible (Virtual assets are not currently regulated in Ireland).
• Do not respond to unsolicited approaches or cold-calls.
• Don’t click on links for websites that you don’t know.
• Never disclose your bank account passwords or codes.
• Never allow anyone remote access to your computer.

Comments are closed as a man has been charged.