$1.6M crypto scam has ties to Mississauga and Brampton; Ontario man charged

A “large-scale” cryptocurrency investment scam with ties to the Mississauga/Brampton area that bilked two victims out of more than $1.6 million has led to the arrest of an Ottawa man, police say.

Fraud investigators with Peel Regional Police said an arrest was made on Nov. 27 following the execution of a search warrant near the nation’s capital. Ottawa police aided in the search that was led by Peel officers.

Peel investigators said two victims were “solicited through social media” in 2023 and “enticed into participating in what they believed to be a legitimate international cryptocurrency investment opportunity.”

From there, both people “invested significant sums of money and were given access to online investment platforms indicating their initial investment had grown substantially,” Peel police said in a news release on Friday.

However, according to police, it was later determined those platforms as well as the reported investment returns “were entirely fictitious.”

Combined, the victims lost more than $1.6 million, investigators said.

Police didn’t reveal the specific connection to Peel, but the involvement of Peel police means there is some connection to Mississauga and/or Brampton.

That could mean one or both of the victims are from Peel or that there’s some other connection.

Hanad Adam, 31, of Ottawa, is charged with fraud over $5,000 and possession of property obtained by crime.

As the investigation continues, police urge anyone else who believes they have fallen victim to this scam to call investigators at 905-453-3311, ext. 3335.

Police remind the public about “ongoing and evolving fraudulent activity” surrounding online cryptocurrency investment opportunities, and to take the following precautions:

• Be cautious of unsolicited messages or advertisements on social media promoting cryptocurrency investments, including those claiming to be associated with celebrities or public figures.
• Be aware that fraudulent crypto-asset trading platforms can closely resemble legitimate sites, making them difficult to distinguish.
• Be skeptical of promises of exceptionally high or guaranteed investment returns.
• Verify the identity, credibility and qualifications of anyone offering investment services.