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Police arrest members of Gold Coast scam gang known as the 'Irish Boys'

NewsBy Shuki Byrne
Australia's Gold Coast
Australia's Gold Coast

Two Irish citizens are among four people arrested by police in Australia in connection with a multi-million dollar scam.

Australia’s Crime and Corruption Commission (CCC) claim the gang are involved in a major investment scam and have swindled millions of dollars. 

It is alleged the gang, known as the 'Irish Boys', have defrauded over 100 people out of at least $4 million in the cold-calling scam. However, the number may be as high as $11 million, local media reports. 

It is claimed the gang offered victims large returns for investing in its trading software which was said to be able to predict moves in the commodity markets.

The four men, aged  32, 33, 34 and 36, will be charged with fraud offences, the CCC said. Two of those arrested are Irish nationals. 

Police believe a large sum of the money has been funnelled out of the country into offshore accounts. 

"It will be alleged that these four men were the key players in running the two boiler rooms that we’ve dismantled today," Michael Scott of the CC said today.

"The CCC will allege that these active boiler rooms sold fraudulent computer software and managed investment schemes.

The companies behind this syndicate used techniques to deceive people including the use of virtual offices, false identities, fake receptionists and fake testimonials," Scott said in a statement.

Dozens of people were found to be working out of their offices  in a high rise office building in Surfer’s Paradise, just south of Brisbane.