Ottawa man charged in watch investment scam that cost victim $13K

Guelph police laid a fraud charge to an Ottawa man in a case that saw a woman lose more than $13,000 over two months.

In a press release, officers said a then 19-year-old woman in April started talking with a man over social media after seeing a post. In August, the two met up in person, when the man described how he buys and resells high-end watches.

He invited her to invest and over the next two months she transferred thousands of dollars without seeing any return.

By December, a warrant was taken out for the man’s arrest. On Feb. 20, he turned himself into police.

The 22-year-old Ottawa man is facing a charge of fraud over $5,000. He is set to appear in court on April 8.

Many scams circulating

Police across the country have been trying to warn the public about how sophisticated scammers are getting and now they are being impersonated and used in these ploys.

According to a press release from the Ontario Provincial Police (OPP), the force said that fraudsters are now using policing agencies across the country and the Canadian Anti-Fraud Centre (CAFC) as a way to gain people’s trust.

In the latest edition, victims are misled to believe that police are asking for their help to catch a dishonest bank employee or resolve a suspicious transaction by providing personal information or transferring funds.

There is no specific data for the east region but police say that the number one scam they are seeing is cryptocurrency investment fraud.

The dubbed “get rich quick” ploy sees bad actors manipulate and groom a victim’s interest and lack of understanding of crypto assets. When the individual agrees they transfer increasing amounts of money to accounts.

The CAFC notes that these scams represent the highest reported losses in 2023. Fraudsters often reach out on social media or through “wrong number” texts and try to develop a relationship with the victim.