Suspicion of investment fraud? Read this blog!
Date: 13 May 2026 | Week 20 | Reading time: 4 minutes
Recognising investment fraud: a short observation from practice
Someone calls. The call usually does not announce itself as investment fraud at all. In fact, it comes across as polite and businesslike. Moreover, the Dutch or English is fluent. Indeed, it is almost too clean. The conversation does not feel like a sales pitch. Instead, it feels like a favour.
What we then hear on a daily basis is, in fact, some form of the same sentence: “I have invested in something. On paper it is actually doing fine. Still, I am starting to have doubts.” Almost always, that is the moment in which things have already been off for far longer than the caller realises. Moreover, it is precisely the moment at which it is wise to let someone else take a look.
What our clients tell us, time and again, is that they can no longer reconstruct the beginning precisely. There was a tip. Perhaps an article that happened to drift by. Or a LinkedIn message. Or a chat group where someone from their own circle was already a member.
Boiler room fraud today rarely relies on the cliché of the loud broker shouting into a headset. Instead, the modern cold calling scam is patient and polite. Furthermore, it is well documented. For instance, there are portals with login credentials and there are monthly reports. Additionally, there is an account manager who calls on a Wednesday afternoon just to ask whether the holiday was nice. However, only when the payout fails to arrive, or when a new deposit is suddenly required for “tax” or “compliance”, does the structure start to crack.
The pattern beneath the pattern
There is a pattern we see again and again. Furthermore, it reveals something that rarely appears in standard articles. Investment fraud is often discussed as if it were one single thing. For example, people speak of a share scam, a crypto scam, bonds, or a fund with a name closely resembling an existing Swiss or London firm.
In the conversations we have on a daily basis, however, something else stands out. The products shift. The brand names shift. Still, the architecture underneath is remarkably stable. Specifically, the same conversational arc returns. The same way “profits” are made visible long before a single euro ever flows back. Therefore, someone, without noticing it, starts defending why this case really is different.
Anyone who thinks this could not happen to them is welcome to think so. However, we see something else in practice. For example, we see business owners, doctors, and former bankers. We see people with a well-run practice and a healthy dose of suspicion. Precisely that healthy suspicion is anticipated by the other side. Moreover, it is built into the construction.
You are not alone. Furthermore, you do not have to solve investment fraud on your own. For a broader picture of how this works in crypto, see also our article on crypto fraud and what it really looks like in practice. We will help to bring clarity. Often, that starts with one calm conversation in which someone goes through the facts with you.
Why an outsider rarely sees investment fraud
Investment fraud in its modern form is interwoven with crypto. Furthermore, it is interwoven with corporate share structures and foreign legal entities. Additionally, it relies on payment flows that pass through three to five jurisdictions before they come to rest somewhere.
A friend, an accountant or a personal banker may read along with the best of intentions. However, they lack visibility on the chain itself. We perform fact-finding on that chain. Moreover, public warning lists from regulators such as the Dutch AFM warning register on investment fraud can be a useful first reference point. Still, they only cover a fraction of what actually circulates.
That means no promises. Furthermore, no reassuring talk. Also, no suggestion that everything will resolve itself. Instead, after our analysis, what really happened is laid out on the table. So is where it happened. And what it means for the position of the person who engaged us. Sometimes that is a relief, because more is possible than expected. Sometimes, however, it is hard, because clarity can be hard. In every case, it is something other than continuing to guess.
Looking for clarity? Feel free to reach out to Paucitas without obligation on +31 20 244 5774. Alternatively, by email at paucitas@paucitas.com. Or through the contact form below this article. Moreover, we are also happy to receive people at our office in Amsterdam, so you are not stuck in the digital world.
In brief: suspicion of investment fraud
- When investment fraud is suspected, the first step is to stop any further deposits and secure all communications.
- Check whether the provider appears on the AFM warning list and whether claims about returns are realistic.
- Paucitas carries out independent blockchain investigation into the counterparty and money flows to provide clarity.
- An investigation report forms the basis for a police complaint, civil proceedings or counter-expertise.
- Timely action increases the chance that traces can still be found both on-chain and off-chain.
Key terms
Investment fraud is a collective term for fraudulent investment schemes, often involving guaranteed returns that do not exist.
Counter-expertise is an independent second investigation that tests or refutes the findings of a previous analysis.
AFM is the Dutch Authority for the Financial Markets, the supervisor that warns about unlicensed investment providers.
Civil proceedings are court proceedings in which monetary liability and damages are claimed.
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FAQ about suspicion of investment fraud
When is there a suspicion of investment fraud?
There is a suspicion of investment fraud when you doubt whether an investment or platform is genuine. Signals include unexpected contact, promises of high returns, pressure to invest more quickly, blocked withdrawals, or communication that only takes place through informal channels while an official registration is missing.
What should I do if I doubt a platform is reliable?
Stop making additional deposits and do not transfer money for “release fees” or “taxes”. Collect all conversations, screenshots, transaction IDs and wallet addresses. Then have the situation assessed objectively before you take further steps, so that you respond based on facts and not on pressure.
How does Paucitas investigate a suspicion of fraud?
We analyse the communication, the structure of the platform and the blockchain transactions. With tools such as Chainalysis and Elliptic we look at where the money flowed and whether there are indications of known fraud patterns. The result is a substantiated picture of what actually happened.
What happens after the analysis?
Based on the findings we discuss which next steps are realistic. That can include filing a report with the police, a notification to the AFM, or engaging your own law firm. We provide insight, you decide which steps you take.