Police in Alberta have charged a Delta man with money laundering after a Lethbridge man was defrauded of nearly $600,000 in an investment scam.
According to a press release from the Lethbridge Police Service, a 59-year-old man reported on Nov. 30, 2024 that he had been the victim of a scam after conversing with someone online about investment opportunities and providing them with significant funds.
The police service’s Economic Crimes Unit investigated and determined that between June and August of last year the victim had made multiple wire transfers to a man, who subsequently converted the funds into cryptocurrency and transferred them to an online exchange.
The suspect ultimately withdrew the funds and deposited them in cryptocurrency accounts outside Canadian jurisdiction, from which they were unable to be recovered.
Following a “lengthy and complex” investigation, the suspect was identified and a Canada-wide arrest warrant was issued.
On Wednesday, Nov. 26, I Lin Chiu, 36, of Delta was arrested without incident in B.C. He is charged with possession of property over $5,000 and laundering the proceeds of crime.
Chiu was released from custody and is scheduled to appear in Lethbridge Court of Justice on Jan. 20, 2026.
Lethbridge police are reminding people to recognize red flags and be wary of investment opportunities that sound too good to be true.
They warn people be wary about claims about making a lot of money with little or no risk, someone who gives a “hot tip” or says they have insider information.
They also advise being careful with unsolicited investment opportunities offered over the internet or by phone, including a recommendation from a friend on social media or a text message from a stranger.
“Fraudsters will try to rush you. Take your time before making a decision,” the LPS said in its press release.
Police recommend researching these opportunities using credible sources, including verifying that the investment company in question is registered with your provincial securities agency — here it’s the BC Securities Commission (bcsc.bc.ca) — and checking out the company using the National Registration Search Tool (securities-administrators.ca/investor-tools/are-they-registered)
You can also check to see if a person or company has been flagged as a risk to investors on the Investment Industry Regulatory Organization of Canada (ciro.ca) and your provincial financial regulator — in B.C., that’s the BC Financial Services Authority (bcfsa.ca).
Police advise that people ensure they know the risks before investing in cryptocurrency.
“Cryptocurrency payments do not come with legal protections and the payments are typically irreversible,” the LPS said in its press release. “Keep in mind that if the business is not located in Canada, it may be even more difficult (or impossible) to recover funds.”