On Thursday, September 17, 2026, EloraFergusToday reported that a Guelph/Eramosa Township resident lost more than $35,000 in a cryptocurrency investment scam, prompting a fresh warning from Wellington County Ontario Provincial Police (OPP).
According to the OPP, the victim reported the fraud at approximately 8:45 a.m. on September 16, 2026. The investigation into the incident remains ongoing, and no further details about the circumstances of the scam or the identity of the victim have been released.
In issuing the warning, police pointed to broader data from the Canadian Anti-Fraud Centre (CAFC) showing the scale of investment fraud in the province. Ontario residents lost an estimated $284 million to various scams in 2024, following $569 million in losses in 2023. The CAFC estimates that only 5 to 10 percent of frauds are ever reported to authorities, meaning actual losses are likely far higher than recorded figures suggest.
Police said scammers are increasingly using sophisticated tactics to appear legitimate, often convincing victims through online platforms before persuading them to invest. Common schemes reported to the OPP and CAFC include initial coin offerings, Ponzi schemes, fraudulent franchise opportunities, futures trading scams, multi-level marketing pitches, mortgage investment fraud, and pump-and-dump schemes. Investigators noted that these opportunities typically promise unusually high returns, which in most cases result in victims losing part or all of their invested money.
The OPP outlined several warning signs residents should watch for, including unsolicited investment offers made by phone, email or social media; a false sense of urgency meant to pressure quick decisions; romantic or social connections made online that quickly shift toward cryptocurrency investment; and requests to transfer crypto funds to a different, unfamiliar address.
Police are urging anyone who believes they have been targeted or victimized by a similar scheme to contact their local police service to file a report. Residents are also encouraged to report incidents to the Canadian Anti-Fraud Centre, which tracks fraud and identity theft cases across Canada, either by phone at 1-888-495-8501 or through its online Fraud Reporting System, even in cases where no financial loss occurred.
Source: EloraFergusToday
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