‘Significant amount of money’ lost in fake investment in County Limerick town

A LIMERICK man lost a substantial sum of money after being lured into a suspected cryptocurrency investment scam, prompting a garda investigation.

Sergeant Michelle O’Halloran, crime prevention officer, Henry Street garda station, said: “A man in his 50s from Abbeyfeale reported losing a significant amount of money after being convinced to invest in cryptocurrency. He believed he was making a legitimate investment and was promised substantial returns.

"Over a period of time, he made a total of 15 transactions into accounts provided to him. He then became suspicious and reported this matter to gardai as he believes he was the victim of fraud.”

Gardai in Abbeyfeale are investigating.

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Sgt O'Halloran offered the following advice: “Be extremely cautious of investment opportunities that promise high or guaranteed returns. Always carry out independent research… and seek professional financial advice before investing.

“Never feel pressured into making quick decisions or transferring money to unfamiliar accounts. If you believe you have fallen victim to a fraud, contact your bank immediately and report the matter to gardaí.”

Gardai have also been made aware of an attempted scam targeting a business in Limerick city.

“A city centre business received a phone call from a person claiming to be from their IT department. The caller stated they needed to reboot the cash register system and requested access codes and passwords. Thankfully, the staff member who received the call became suspicious, informed management, and no information was disclosed,” explained Sgt O'Halloran.

"Staff should never provide passwords, PINs, security codes or remote access to computer systems unless they have independently verified the identity of the caller.”