A man who lost $3000 on a scam knew it was too good to be true but invested anyway, police say.
Waikato police have charged a 29-year-old man with fraud after an investigation into the activities of a company director for Excel Trading Ltd who is also linked to two other companies, Simcom Trading Group Ltd and Smart Trading Solutions.
He will appear in Hamilton District Court on August 30.
"It appears the man cold-called people at random advising them of an arbitrage betting scheme linked to a legitimate Australian sports betting agency.
"Victims were contacted through business accounts and advised that if they paid $5,600 or, a percentage of that, they stood to make a promised return of up to $10,000 within six months," Detective Michael Handley said.