Senior police in the Financial Investigations Branch (FIB) are warning the public to be extremely vigilant when accepting the services of people purporting to be financial advisers, as they may be fraudsters.

Speaking during the police weekly media briefing on Sackville Street, Port of Spain, on Friday, acting Snr Supt of the FIB Wendell Lucas said criminals are becoming more resourceful in swindling cash from their victims, noting an increasing trend of people posing as financial advisers and investors with the hopes of gaining the trust of the public.

Lucas said people were also being scammed into depositing money to buy items from fake government auctions and also urged them to do the necessary background checks before agreeing to pay for anything.

“I would like to advise members of the public that when such investment advice is offered to you, please do some due diligence. Check with the Securities and Exchange Commission to see whether or not the items that the persons are offering advice on are registered...

“Sometimes if it (seems) too good to be true, maybe it really is too good to be true, and you should be careful, especially in these times.

“Second, we have persons parting with hard-earned money for the purchase of items through government auctions.

“We would like to advise, before you part with money, check to see if it’s publicly advertised, and if you’re not certain, just call the government agency so you can be sure you are parting with your money for something legitimate.”

Lucas said another scheme used by fraudsters was hiring people to send money out of the country for a small fee.

He explained that criminals often require people’s ID cards to send the money, and pointed out that those involved could also be charged.

“You are unaware of who the money is going to and what it is going to be used for. You may find yourself having to answer some serious questions if the money is used or sent to persons bent on criminal activity or engage in matters which...fall under anti-terrorism legislation.”

Lucas said while the FIB has faced challenges due to the pandemic last year, it was able to seize $4.1 million and US$132,925 in 2021.

He also reported that for 2021 four people were charged for money laundering with a total value of $30,747, 417, and was optimistic others would be charged this year, with guidance from the Director of Public Prosecutions.

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