How We Helped Fred Recover £237,000 from an Investment Scam
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Our client, who wishes to remain anonymous, will be referred to as Clive for the purposes of this case study.
Clive lost over £117,000 after being drawn into a sophisticated cryptocurrency investment scam that began with a simple message on WhatsApp. After his initial refund request was rejected by his bank, Monzo, Clive turned to CEL Solicitors, who built a strong case on his behalf, ultimately convincing Monzo to approve a full refund.
How the Scam Began
Clive was first contacted on WhatsApp after receiving a message from someone claiming they had sent a message to the wrong number. At the time, Clive was bored and decided to continue the conversation.
The exchange appeared friendly and genuine. The individual introduced herself as Belle and said she was from Belfast. Over the following days, they developed a rapport, and the conversations gradually became more personal.
During these discussions, Belle mentioned that she worked in property and cryptocurrency trading. Clive became curious about the opportunities she described and was interested in learning more.
Introduction to Cryptocurrency Trading
Belle explained that she could help Clive trade cryptocurrency and claimed that significant returns could be achieved with her guidance.
She assisted him in setting up a Gemini account before directing him to open an account on a separate trading platform. Initially, the platform appeared legitimate, and Clive saw what looked like healthy returns on his investments.
Seeing these apparent profits increased his confidence, and he became more engaged with the opportunity.
Investing More Money
As the trading continued, Belle would provide instructions on when to invest and how much money to transfer. Clive would move funds from his bank account, convert them into the cryptocurrency he was advised to use, and transfer them to the trading platform.
The account displayed growing profits, reinforcing the belief that the investments were successful. The returns appeared impressive, and Clive became increasingly focused on achieving further gains.
However, the amounts required to participate in trades continued to increase, and Clive was encouraged to commit more funds in pursuit of further profits.
Taking Out a Loan to Fund a Larger Trade
When a significant trading opportunity was presented, Clive no longer had sufficient funds available to invest. Belle suggested that he apply for a loan through the trading platform to provide the additional capital needed.
Trusting the process and believing the profits shown on the platform were genuine, Clive agreed and continued investing.
Unable to Withdraw Funds
Eventually, the platform requested repayment of the loan. Although Clive’s account appeared to contain enough profit to cover the amount owed, he was told that he could not access these funds due to alleged Money Laundering Regulations.
The account was placed on hold, preventing access to the money. Clive was also told that because Belle had acted as a guarantor, her account had been restricted as well.
In an attempt to resolve the situation, Clive cashed in a savings plan and used those funds towards the requested repayment. However, this was still not enough.
Shortly afterwards, communication from Belle stopped, and the trading platform disappeared. It was at this point that Clive realised he had been the victim of a sophisticated cryptocurrency scam.
Further Transfers Through Cryptocurrency Platforms
During the course of the scam, Gemini restricted Clive’s account, and he was encouraged to use alternative cryptocurrency services, including Coinhako, Trust Wallet, and Cypro.com.
To facilitate these transactions, Clive transferred money from his Santander account into his Monzo account before completing cryptocurrency exchanges and sending funds onwards as instructed.
The use of multiple accounts and platforms formed part of the wider deception, allowing the scammers to continue controlling the movement of funds and maintaining the illusion of a legitimate investment opportunity.
The Impact
As a result of this scam, Clive lost over £117,000.
This case demonstrates how cryptocurrency scams are rarely based on a single interaction. Instead, scammers often spend time building trust, creating emotional connections, and gradually increasing financial commitments over several weeks and months.
Clive believed he was making genuine investments and following expert guidance. The carefully constructed deception resulted in substantial financial loss and left him facing the difficult process of recovering from the scam.
How CEL Solicitors Helped
When Clive first raised the fraud with Monzo through the bank’s in-app process, his claim was rejected. Unsure of where to turn next, Clive contacted CEL Solicitors for support.
Our fraud and scam recovery team reviewed the details of Clive’s case and built a strong case challenging Monzo’s decision. Following this, Monzo agreed to issue Clive a full refund.
Why Choose CEL Solicitors
If you’ve been the victim of a cryptocurrency or investment scam, you could be entitled to a refund. Check your eligibility and speak to our team today.
At CEL Solicitors, we are here to listen, to support you, and to fight for your recovery. We understand how these scams work, and we will do everything we can to help you reclaim what is yours.
