Police have arrested a 35-year-old man in connection to an allegedly fraudulent investment scheme run on social media.

A police spokesman said the man was arrested yesterday after allegations from several people that they had been approached by the suspect on Instagram.

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

Detective Chief Inspector Sherwin Joseph, who heads up 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.”

Mr Joseph added that if someone’s social media accounts have been compromised, they should warn their friends and family to prevent their compromised accounts being used to defraud others.

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