'Irish Boys': Two Irish arrested as part of probe into €7m scam in Australia
TWO Irish nationals are among four people arrested as part of an investigation by Australian police into a massive investment scam.
The Crime and Corruption Commission (CCC) claim the ‘Irish Boys’ gang has defrauded millions of dollars from victims in a 'boiler room' investment scam.
It alleges the gang was based in a high rise office building in Surfer’s Paradise, just south of Brisbane.
It is claimed that the gang offered victims large returns for investing in its trading software.
The trading software was said to be able to predict moves in the commodity markets.
It is understood the gang were cold calling victims attempting to sell the software.
The four men will be charged with fraud offences.
They are aged 32, 33, 34 and 36.
Police say the fraudsters have netted at least AUS$4m in 18 months – however local media have reported the figure may even be as high as AUS$11m.
So far, investigators are believed to have to identified 150 victims of the scam.
"The CCC will allege that these active boiler rooms sold fraudulent computer software and managed investment schemes.
“The companies behind this syndicate used techniques to deceive people including the use of virtual offices, false identities, fake receptionists and fake testimonials," CCC acting executive director crime Michael Scott said in a statement.