The Australian Crime Commission has estimated that 2600 Australians have lost more than $113 million due to investment fraud, in the last five years.
The findings come in a new report, published yesterday, titled Serious and Organised Investment Fraud in Australia (PDF). The report was put together by Taskforce Galilee, a consortium of 19 government departments, including the Crime Commission, the Attorney-General's Department, the Australian Tax Office, the Department of Human Services and the Australian Communications and Media Authority.
In addition to offers for shares in companies, the fraudsters offer green energy investments, new technology shares, lotteries and sweepstakes and foreign currency trading, among others.
The report found that most of the operations targeting Australians were based overseas. Many were based in Asia, but were not run in Asia. Those who cold-called victims were generally Australia, English, Scottish, Kiwi or South African.
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