Naveed Saghir became hooked on investment trading schemes after seeing a youtube advertisement for an investing firm. Sadly, he handed over half a million pounds in Bitcoin to criminals over three months. Thus, believing this business was genuine and helping him invest.
Mr. Saghir, 44, fell victim to investment fraud. Victims are duped into giving over money to individuals promising huge profits on bogus investments.
He said:
“I’ve destroyed my life, changed my life so much for the worse and need to warn people – if it can happen to me it can happen to anyone.”
Mr. Saghir wants to tell his experience to help others from becoming victims. He told Paul Lewis about his experience on BBC Money Box. Thanks to a lifetime of saving and investing, he had almost £500,000 in Bitcoin earlier this year.
Then this summer, online thieves targeted him and took everything. Mr. Saghir began with an £18,000 investment and then started transferring funds in Bitcoin.
Naveed made his first payment in late May, and the scammers had him. Then they tricked Naveed into sending them more money by promising him higher profits. Thus which quickly evolved into promises of recouping his increasing losses.
More Needs To Be Done
Mr. Saghir gave these con artists £500,000 in Bitcoin between May and August, thinking they would help him invest it. Mr. Saghir’s situation was reported to the police, who sent him to victim assistance, but he feels they should do more.
Moreover, several organizations want fraud ads included in the government’s Online Safety Bill, which is short to be debated by MPs and Lords.
According to Lisa Forte of Red Goat Cyber Security, individuals may do three primary things to prevent themselves or others from becoming victims including cryptocurrency.
- Research whatever you’re going to invest in
- Understand Bitcoin
- Be wary of anybody promising you large profits in a short amount of time.
