Regional police in Canada have issued a warning to local residents about fraudulent investment schemes involving bitcoin.

In a statement, the Durham Regional Police Service, based out of Ontario, said that residents have reportedly been solicited about money-making pitches involving the digital currency that ultimately see them losing funds to the fraudsters.

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The police statement said:

"Residents have reported being contacted by fraudsters after applying for jobs or responding to ads online involving a promise to make money. The fraudsters send cheques to the victims and ask them to use the money to purchase bitcoins – a virtual currency used globally."

"[A]fter the victim uses their own money to purchase the bitcoins, the original cheque or e-transfer bounces," it explained.

The digital currency is also reportedly being used as part of an income tax scam targeting Durham residents.

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While no exact figures about the number of people impacted have been released, police said that residents have lost "several thousands of dollars" as a result. Police have also advised residents to contact them if they have received any information about the scams.

Image via Shutterstock

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