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According to the Upper Ottawa Valley (UOV) OPP, an individual in Petawawa has lost over $100,000 in a long-standing cryptocurrency investment scam.
This Wednesday (March 25) at approximately 1:30 p.m., UOV OPP were notified of the fraud and began their investigation which is ongoing.
“While this investigation remains in its infancy it is important to recognize a potential investment fraud ahead of time,” the police report said.
Police said these scams often start with online ads that promote exciting investment opportunities with a quick profit turnaround.
“Victims might start with a small investment and are then contacted by those involved in the fraud who may guide them to download trading apps or set up a cryptocurrency wallet,” UOV OPP said.
Typically when a trading app or crypto wallet is set up funds are later taken by the scammer, making the funds completely inaccessible to the victim.
The police report specifies that according to the Canadian Anti-Fraud Centre (CAFC) victims reported losing over $351 million to cryptocurrency investment frauds in 2025.
Here are some red flags to look out for in fraudulent investment schemes:
- Investment opportunities with higher-than-normal returns
- Unsolicited telephone, email or social media investment offers
- Displays of urgency so you don’t miss out
- An individual met on a dating or social media website who quickly attempts to convince you to invest into cryptocurrency
- A friend tells you about a cryptocurrency investment opportunity via social media or email
- Telephone calls from cryptocurrency investment companies
- Fraudulent advertisements posted on the internet or social media
- Request to transfer your cryptocurrency investment to an alternate crypto address
Police are also reminding residents that government organizations, banks and police services will never ask Canadians to pay any dues with cryptocurrency.
If a scam artist contacts you or if you have been defrauded contact your local police service or the Canadian Anti-Fraud Centre at 1-888-495-8501 or visit their website at www.antifraudcentre.ca
(Written by Mik Horvath)