Peel Regional Police have announced a major arrest in connection with an elaborate cryptocurrency investment fraud that allegedly defrauded two victims of a staggering $1.6 million. A 31-year-old Ontario man now faces serious charges following a multi-jurisdictional investigation.
The Details of the Alleged Fraud
According to investigators, the scheme began in 2023. Police allege that two individuals were separately targeted through social media platforms. They were enticed with offers to participate in what was presented as a legitimate international cryptocurrency investment opportunity.
The victims were persuaded to invest significant sums of money. Subsequently, they were given access to sophisticated-looking online investment platforms. These platforms displayed information indicating that their initial investments had grown substantially, creating an illusion of success and legitimacy.
However, the entire operation was a facade. Peel police determined that the online platforms and the reported investment returns were completely fictitious. The victims' money was gone, with combined losses reaching approximately $1.6 million.
The Arrest and Charges
The investigation led police to execute a search warrant in the Ottawa area on November 27, 2025. The operation was conducted by Peel Regional Police with support from the Ottawa Police Service.
As a result, Hanad Adam, 31, of Stittsville, Ontario, was arrested. He has been charged with fraud over $5,000 and possession of property obtained by crime. The charges have not been proven in court.
Police Issue Crucial Warning to Public
In light of this case, Peel Regional Police's Fraud Bureau is urging the public to exercise extreme caution with online investment offers, especially those involving cryptocurrency. Investigators emphasize that fraudulent activity is ongoing and constantly evolving.
To avoid becoming a victim, police recommend the following precautions:
- Be highly cautious of unsolicited messages or advertisements on social media that promote cryptocurrency investments, including those falsely claiming celebrity endorsements.
- Understand that fraudulent crypto-asset trading platforms can be designed to closely mimic legitimate websites, making them very difficult to distinguish from the real thing.
- Be deeply skeptical of any promises for exceptionally high or guaranteed investment returns, as these are classic hallmarks of a scam.
- Always take steps to independently verify the identity, credibility, and professional qualifications of anyone offering investment services.
Anyone who believes they may have been a victim of a similar fraud is asked to contact the Peel Regional Police Fraud Bureau at 905-453-3311, extension 3335.
