PEEL REGION, Ont. — Hanad Adam, 31, from Stittsville, Ottawa, has been arrested in connection with a cryptocurrency investment scam that allegedly defrauded victims of over $1.6 million.
According to Peel Regional Police, the scheme began in 2023 when two victims were solicited through social media and persuaded to invest in what appeared to be a legitimate international cryptocurrency opportunity. The victims were given access to online platforms showing their investments had grown significantly.
Investigators later determined that the platforms and reported returns were entirely fictitious, resulting in losses totaling approximately $1.6 million.
On Nov. 27, Peel police, with assistance from the Ottawa Police Service, executed a search warrant in the Ottawa area and arrested Adam. He faces charges of fraud over $5,000 and possession of property obtained by crime.
Police confirmed that the investigation is ongoing and urged anyone with information to contact the Peel Regional Police Fraud Bureau or Crime Stoppers anonymously.
