2 Ottawa residents lose about $500,000 each in fake gold investment scheme, police say

Ottawa police say two elderly residents have each been scammed out of close to $500,000 each in a new fake gold investment scheme. CTV’s Austin Lee reports.

Two elderly Ottawa residents have each been scammed into buying approximately $500,000 worth of gold as part of a new fake gold investment scheme, according to police.

The Ottawa Police Service and Ontario Provincial Police say a new scam sees criminals tricking elderly people into buying and shipping large amounts of gold to avoid financial losses.

“This scam is a new version of the ‘Grandparent Scam,’ where criminals previously claimed a loved one was in trouble and needed money for bail,” police said in a statement. “Now, the scam artists are telling victims that the only way to protect their money is to buy gold.”

The new scam sees pop-up messages that appear to be from a trusted source appearing on the victims’ computers, suggesting their online financial information has been stolen.

Police say the suspects will attempt to gain the trust of the victims and convince them to buy gold and then arrange to pick it up. The victims are told not to tell their family or the bank.

One victim lost approximately $500,000 in gold, while another lost about $430,000, police said in an email.

“The OPP in Norfolk County has also reported a similar case, with losses of nearly $350,000,” police said.

Police recommend people should not buy gold or gift cards if they get unexpected pop-up messages, emails or phone calls.

“These scams can sound very convincing, and we don’t want anyone to feel embarrassed about coming forward,” Det. Shaun Wahbeh said in a statement. “If something feels suspicious, always ask for help. We’re here to help you.”

Both the Ottawa Police Service and the OPP say if you think you’ve been targeted in a gold investment scheme or see something suspicious, call 2-1-1 or your local police.