Toronto police say that they returned $225,000 to the victim of a crypto investment scheme, who was allegedly defrauded of $355,000.
“In the fall of 2021, Nigerian law enforcement officials confirmed that the victim was defrauded in a cryptocurrency investment scheme, losing an estimated $355,000,” Toronto police said. The investor was induced to invest in crypto through an online platform, known as legacyfxtraders.
Nigerian officials made an arrest in the case, and seized alleged proceeds of the crime, which Nigerian courts ordered to be returned to the victim.
Toronto police worked with units of the OPP and the RCMP, along with the Canadian Anti-Fraud Centre (CAFC) and Nigeria’s Economic and Financial Crimes Commission.
According to police, only about 5% to 10% of fraud victims report these kinds of crimes to law enforcement, or other authorities. The CAFC said that victims reported losing over $309 million to investment frauds and $52.5 million to romance frauds in 2023.