Elderly Man Loses Millions in Cryptocurrency Scam
A 71-year-old man from Porto Alegre, Brazil, fell victim to an elaborate online scam involving a fake cryptocurrency brokerage, losing over R$ 1.5 million, according to the Rio Grande do Sul Civil Police (PCRS).
The fraudulent website mimicked a major traditional investment bank, which authorities have not yet named due to the ongoing investigation. The fake investment platform displayed a profit panel, leading the elderly man to believe he had accumulated R$ 5 million in earnings.
However, when he attempted to withdraw his funds, all communication ceased, and the website disappeared shortly after, revealing the scam.
Police Arrest Suspects in Cryptocurrency Scam
Following the report of the scam, the Rio Grande do Sul Civil Police identified several individuals involved. Three men from Natal, Brazil, were allegedly part of the criminal operation targeting the victim.
During “Operation Investment,” police arrested the three suspects. The operation involved 12 court orders, leading to the arrest of the three men from Natal.
The PCRS believes these three suspects are the masterminds behind the fake online investment brokerage, luring investors with false promises of high returns.
According to Delegate Juliano Ferreira, the victim from Porto Alegre invested approximately R$ 1.5 million. “The victim invested around R$ 1.5 million, and when he supposedly made R$ 5 million, he tried to withdraw the money but couldn’t. That’s when he realized he had been scammed,” he explained.
The investigation, led by the 8th Police Station of Porto Alegre, aimed to dismantle a criminal organization specializing in online fraud using fake investments.
Scammers Used Fake Investment Advisor
To enhance the credibility of the fraudulent investment platform, the criminals operated a fake customer service center. A “investment advisor” provided information, maintaining contact with the elderly victim via phone calls and WhatsApp.
The victim transferred funds from the second half of 2023 to early 2024, with transactions ranging from R$ 10,000 to R$ 700,000, resulting in the significant financial loss.
As of now, the investigation has not uncovered other victims, but the case remains under investigation.
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