Elderly Man Loses £66,500 to Crypto Scammers, Funds Recovered

An elderly man, aged 73, was targeted by crypto scammers and lost over £65,000 in a series of elaborate schemes. The scam began with a phone call, where the scammers presented an enticing opportunity to invest in digital assets. The man initially lost £14,500 to the scammers. Subsequently, he received another call from someone claiming to be from a genuine financial services company, offering to help him recover his lost funds. The caller, who introduced himself as Gabriel, persistently contacted the man, even when he was on holiday, convincing him to use their fraud recovery services.

The scammers manipulated the man into believing that his lost funds were sitting in a crypto account untouched. They asked him to make payments ranging from £7,500 to £18,500 over three weeks to withdraw his funds. The man was led to believe that these payments were tied to anti-money laundering regulations and a failed verification process. He received fake emails from a bank and crypto exchange, further legitimizing the scam. Despite his doubts, the man continued to send money, totaling over £66,500 between December 2024 and January 2025.

In January, the man was asked to make a final payment of £7,500, with the promise that all of his funds would be released. However, he did not receive the money as promised. It was only after making a WhatsApp call to Gabriel that he realized he had been scammed. The man had taken out four loans to pay the scammer’s fees, promising an unsustainable monthly repayment plan totaling £1,250. His bank never queried any of the payments he made to the firm, which added to his financial distress.

The man's ordeal took a toll on his mental health, leaving him in a state of embarrassment and worry. However, luck intervened when he contacted the National Fraud Helpline solicitors to help recover his money from Co-Op Bank. The solicitors were able to recover all his funds, which have now been refunded. The man expressed his amazement and relief upon receiving the good news, stating that he had thought he had lost everything.

This incident highlights the growing threat of crypto scams targeting vulnerable individuals. Scammers often use sophisticated tactics to manipulate their victims, making it difficult for them to recognize the signs of a scam. It is crucial for individuals to be vigilant and cautious when dealing with investment opportunities, especially those involving digital assets. The recovery of the man's funds serves as a reminder that there are resources available to help victims of financial fraud, and that it is important to seek assistance as soon as possible.