Alberta man lost nearly $600k in online investment scam

Police have charged a B.C. man with money laundering after an Alberta resident was defrauded of nearly $600,000 in an elaborate investment scam.

On Nov. 30, 2024, a 59-year-old Lethbridge man reported to police that he had been victimized after engaging in online conversations about investment opportunities and transferring funds.

Lethbridge police launched an investigation and determined that between June and August 2024, the victim made multiple wire transfers to a suspect.

Investigators say the funds were converted into cryptocurrency and moved to an online exchange. The suspect later withdrew the money and deposited it into cryptocurrency accounts outside of Canada, making recovery impossible.

Following what police described as a lengthy and complex investigation, the suspect was identified and a Canada-wide arrest warrant was issued. On Nov. 26, he was arrested without incident in B.C.

Delta B.C. resident I Lin Chiu, 36, is charged with possession of property over $5,000 and laundering the proceeds of crime. He has been released from custody and is scheduled to appear in court in January.

Police are reminding residents to exercise caution when approached with online investment opportunities, and have provided a list of tips:

• Be wary about claims you can make a lot of money with little or no risk, someone gives you a ‘hot tip’ or says they have insider information.
• Be careful with unsolicited investment opportunities offered over the Internet or phone, including a recommendation from a friend on social media or a text message from a stranger.
• Research the opportunity through credible sources and take your time before making a decision.
• Make sure you know the risks before investing in cryptocurrency. Cryptocurrency payments do not come with legal protections and the payments are typically irreversible. Keep in mind that if the business is not located in Canada, it may be even more difficult (or impossible) to recover funds
• Fraudsters will try to rush you. Take your time before making a decision.
• Before you make a decision, verify if the investment companies are registered with your provincial securities agency and check out the company on the National Registration Search Tool.
• Check to see if a person or company has been flagged as a risk to investors on the Investment Industry Regulatory Organization of Canada and your provincial financial regulators