Australia: $6 million fake property investment scheme

Two Adelaide men collected six million dollars for a supposed property project and were jailed. Investors received contracts and yield promises, but no projects existed.

Warning signs

Returns far above market, described as safe
No licence with the financial regulator
Payouts funded by new investors' money

What to do

Make no further payments, secure documents and notify your bank and the regulator.

Source: Adelaide men jailed for $6 million fraudulent property investment scheme