Police are sending a warning to the public to exercise extreme caution against offshore investment opportunities that emanate from uninitiated phone calls.

Organisations reputedly operating from Hong Kong and offering sophisticated investment strategies are luring investors from Queensland and Australia. These organisations are particularly adept and well organised, establishing fictitious endorsements of their products online before they attempt to recruit victims.

As a result, when people are conducting their own research they are likely to find positive comments on the web regarding these companies, not knowing that they are all part of the “sting” aimed to convince potential investors of their “legitimacy”.

These types of suspect criminal operations are referred to as “Boiler Rooms” – rooms full of telephone operators calling unsuspecting potential investors with the opportunity of a lifetime that quickly fades to misery and financial loss.

Police suspect that more than sixty Queenslanders alone may have already fallen victim to this fraud totaling losses in excess of $1.4M.

The public are urged to check and re-check the legitimacy of offshore investment companies by ensuring that they are operating with an Australian Financial Services License. The Australian Investment & Security Commissioner (ASIC) website www.fido.gov.au lists all companies holding an Australian financial services license and contains a list of blacklisted (banned) operators.

Comprehensive information on scams can be obtained from the Australian Competition and Consumer Commission (ACCC) website www.scamwatch.gov.au

The public is urged to contact the State Crime Operations Command’s Fraud and Corporate Crime Group on 3364 6622 with any queries.

Anyone with information which could assist police with their investigations should contact Crime Stoppers anonymously via 1800 333 000 or crimestoppers.com.au 24hrs a day.