Mobile phones and documentation have been seized in Dublin as part of investigations into illegal financial advice.
Gardaí said in a statement that detectives from the Garda National Economic Crime Bureau and Tallaght Garda Station conducted searches of two premises in relation “to an ongoing investigation into breaches of Regulations under the Markets in Financial Instruments Directive 2017.”
They said that the investigation relates to “an entity that uses social media platforms such as Instagram and Facebook to promote and advise persons to invest in Forex trading, promising easy and high returns”.
They said that the entity is not authorised by the Central Bank.
Gardaí explained: “The promoter or influencers, use social media platforms to make trading recommendations called signals, to individuals as to when to buy or sell financial instruments such as currency using Forex traders.
“These influencers usually have a limited understanding of the Forex trading market.
“Individuals and firms that offer investment advice in certain Forex trading require authorisation by the Central Bank or other regulatory bodies if based outside Ireland.”
People are being warned to follow official advice, and to ensure firms are legitimate by checking the Central Bank register.
Gardaí have highlighted some warning signs for the public to be aware of for illegitimate firms:
Members of the public are advised to follow Central Bank advice and to take the SAFE test before making any financial decisions or providing any personal information: