The Bermuda Police Service (BPS) today confirmed the arrest, of a 35-year-old man in connection with an alleged fraudulent investment scheme on social media.

The man in question was apparently arrested earlier today, following allegations from several people who say they were approached by the individual via Instagram.

The suspect allegedly asked people for money and promised an “investment of $1,000 to be converted into $10,000 within ten minutes”.

Detective Chief Inspector Sherwin Joseph, head of the Specialist Investigations Department, said: “We continue to see an uptick in cyber frauds and we are asking the community to remain vigilant

Be suspicious. If it sounds too good to be true, it probably is.

Avoid online communication with unknown persons and do not give out your personal banking information online,” he added.

Anyone whose social media accounts were compromised were advised to warn their friends and family to prevent compromised accounts from being used to defraud others.

Anyone who suspects they have fallen for this latest scheme or others like it was urged to contact Detective Inspector Paul Ridley at 247-1375, or call police at 211.