Queensland call centre raided as investment scams accused of taking $93 million from 2,400 people

A call centre and associated premises in Queensland have been raided, targeting individuals behind an alleged “serious and organised fraudulent investment scam”, amid warnings that more than 2,400 people have lost at least $93 million in scams across Australia.

The raid’s joint operators – the Australian Securities and Investments Commission, the Australian Crime Commission, the Queensland Police Service and the Australian Federal Police – say local scammers are joining overseas ones in targeting Australia’s retirement savings with illegitimate offers of big investment returns.

The groups say multiple search warrants were executed across a number of premises. The call centre has been closed.

Carey Stent, manager target development and intervention at the ACC, says initial indications suggest more than 2,400 Australians have lost in excess of $93 million to these schemes – but it could be much higher given many of the scams go unreported.

“There are a significant number of offshore operations still active and thousands of Australians are still at risk”, Stent says.

Police are calling for ex-employees or anyone who may have had unsolicited contact from groups known as West Trade or Atlas Lead Generation to come forward.

“Australians are under attack by organised fraud operations, both locally and overseas and it is vital that people exercise extreme caution when dealing with emotional investment opportunities,” Detective Superintendent Brian Hay says.

ASIC Commissioner Peter Kell says the fraudsters operate without Australian financial services licenses and use false addresses and phone lines often routed to another address.

“The moment you receive a cold call, ask yourself, where did they get my number, how did they get my name, and why are they contacting me?”, Kell says.

He adds the regulator is committed to confronting investment scams, noting that last month ASIC obtained the continuation of interim court orders against the operators of a Gold Coast-based unlicensed financial services business, accused of costing more than 20 investors about $250,000.

People who receive suspicious calls are advised to:

• Hang up,
• Alert family and friends,
• Report it to ASIC,
• Check the investment provider has a valid Australian Financial Services Licence,
• Seek independent financial advice before investing.