Elderly Man Loses £70k in Bitcoin Investment Scam
An elderly man hoping to pay off his mortgage faster has been left penniless after falling for a Bitcoin investment scam. The fraudsters promised huge profits, but it all turned into a costly nightmare.
How the Scam Unfolded
- The victim invested £50,000 – a mix of savings and a bank loan.
- Initially, he used his overdraft, but the scammers pushed him to invest even more.
- The company claimed his Bitcoin balance was 106,613 Euros.
- When he tried to cash out, they demanded an £18,000 tax fee first.
- He and his wife took out another loan but were then hit with an extra £3,000 “correction” charge.
- Suspicious, the victim called the police, but by then he and his wife had lost a staggering £70,000.
Sergeant Jo Seabridge of Hastings Neighbourhood Policing Team warned: “The elderly victims in this case lost a devastating amount of money but sadly, this is not unusual. If you are thinking about making an investment, always do your research. If something sounds too good to be true then it probably is.”
More Elderly Scammed—but Some Dodged a Bullet
- Two other elderly women in the district were targeted but escaped losing cash.
- One was phoned by a man claiming to be a bank officer saying £2,000 had been stolen. She rang her daughter who confirmed it was a scam.
- Another was told by a caller posing as HMRC that she owed £2,500 and needed to send cash immediately.
- Suspicious bank staff stopped her after seeing the unusual cash withdrawal request and alerted police.
Police Urge Caution on Money Scams
“Be wary of unexpected calls or messages about large sums of money,” Sgt Seabridge advises. “Never send money or share personal info with strangers. Banks or police will never ask for your PIN, security details, or collect cards at your home.”
If you suspect fraud, call police on 101 or report it to Action Fraud on 0300 123 2040.
