Old man loses over 65,000 pounds to a code fraudster

The elderly man was saved from serious debt after losing more than £65,000 to a crypto fraudster. According to reports, the 73-year-old was first contacted by phone, and the scammer invited him to invest in digital assets and presented him with an attractive opportunity.

However, things weren’t going as planned as an older man fell into the hands of a con man and lost them £14,500. After a while the man gets a call from someone and insists he can help him get his money back. Authorities said the caller pretended to be a real financial services company and pointed out that he had already traced the money he lost, still had a crypto account in his name.

Old man loses £65K to a code fraudster

According to the man, he was at an all-time low when the representative of a financial services company called him. “He went after me permanently and followed me,” the three grandfathers said. “When I was on vacation in Gran Canaria, he contacted me.”

The older man said he had to block the caller after the phone got in the way, but he was still able to contact him using a different phone number. “I should have just hung up, but I didn’t. He sounded very professional. In the end, the con artist was able to persuade the man and urged him to agree to use his company’s services to withdraw the lost funds.

But instead of helping the old man recover the lost funds, things weren’t intended, as the crypto fraudster carried out another elaborate scam that saw him send over £66,500 to his business account between December 2024 and January 2025. According to the victim, he was asked to pay between £18,500 and £18,500 between £7,500 and £18,500.

Gabriel said payments are related to failures in anti-money laundering regulations and verification processes. The old man said he received fake emails from a bank and crypto exchange, noting how far the scammers have gone to make their fraud look legitimate. “He said I needed to do this and do it, and I said, ‘If you don’t give me anything back, I can’t keep sending the money,” the victim said.

In January, he was asked to pay a final £7,500, and all his funds were released, one day later, half of the first half and the next day.

National Craud Helpline Solicitors recovered funds

According to the old man, he didn’t get the money as promised to the criminal on Friday. He waited to see if he would get it over the weekend, but nothing came. On Monday, the victim said he had made a WhatsApp call to Gabriel, and that was when he realized he was being scamed. “So I messaged them via a very short and sweet WhatsApp and told him what I thought of him. Then I had never heard anything else,” he said.

The victim added that he invested so much in hopes of regaining his funds, but that was not the case. “I’m still very upset about this. It was a very worrying time. Mentally, I was a bit confused, but no one could talk about it out of embarrassment,” he added.

He said he had issued four loans to pay the fraudster’s fees and had pledged an unsustainable monthly repayment plan of £1,250. He added that during his ordeal, his bank never asked what payments he made to the company to see if it was a legitimate financial company.

But Luck smiled at him after he contacted the lawyers of the National Slayer Helpline to collect his money from the Cooperative Bank. NFH was able to collect all his funds, but now it has been refunded. He said he was surprised when he called him about the good news. “I thought I lost a lot, so I’ll reposition my finances and do what I can,” he said. “Then I looked at the lawyers in the National Fraud Helpline and thought, ‘I have nothing to lose.’