Tirol man loses over 100,000 euros in investment scam

A 60-year-old man in the Landeck district lost more than 100,000 euros in an investment scam, ORF reported. An unknown perpetrator lured him into increasingly larger investments with promises of high returns and supposedly low risk.

According to police, the man was drawn to an alleged trading platform by a deceptive video and deposited the requested amounts. When he applied to withdraw part of his profits on 10 August, he was persuaded to make several transfers to foreign bank accounts and cryptocurrency addresses.

He lost a low six-figure sum in total between the end of July and the end of August. He received no money from the alleged profits. Criminal police are investigating.