An elderly man lost his entire life savings to an elaborate scam that drained his bank account, ending his retirement plans.

65-year-old Hiep Nguyen of Houston, Texas, says he received a phone call with the caller ID of the “Vietnam Embassy,” the embassy of his native country, the local news station KPRC-2 reports.

But Nguyen says answering that phone call led him to lose $500,000 – the entirety of his life’s work.

“I lost maybe $500,000… I may be homeless now.”

The con artists who masterminded the scam convinced Nguyen that his identity was being used to commit various crimes overseas, like money laundering, and in order to clear his name, the soon-to-be-retired man supposedly had to wire over his money to another bank.

The criminals, who are yet to be identified, used an encrypted messaging app called Viber to send wire transfer details, along with fake government documents to make it seem more legitimate.

After losing everything, Nguyen’s daughter, Kathy, is now supporting him, and says she is in the process of selling her house to make ends meet.

Says Kathy,

“Watch out for your family. Your mom, dad, grandma, grandpas. Just let them know that something like this could happen, and just be careful.”

The Nguyens have filed a report with the FBI, but at time of writing, the scammers are at large.

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The post 65-Year-Old Forced Out of Retirement After Losing ‘Everything’ in Elaborate Bank Fraud Scam appeared first on The Daily Hodl.

An elderly man lost his entire life savings to an elaborate scam that drained his bank account, ending his retirement plans.

65-year-old Hiep Nguyen of Houston, Texas, says he received a phone call with the caller ID of the “Vietnam Embassy,” the embassy of his native country, the local news station KPRC-2 reports.

But Nguyen says answering that phone call led him to lose $500,000 – the entirety of his life’s work.

“I lost maybe $500,000… I may be homeless now.”

The con artists who masterminded the scam convinced Nguyen that his identity was being used to commit various crimes overseas, like money laundering, and in order to clear his name, the soon-to-be-retired man supposedly had to wire over his money to another bank.

The criminals, who are yet to be identified, used an encrypted messaging app called Viber to send wire transfer details, along with fake government documents to make it seem more legitimate.

After losing everything, Nguyen’s daughter, Kathy, is now supporting him, and says she is in the process of selling her house to make ends meet.

Says Kathy,

“Watch out for your family. Your mom, dad, grandma, grandpas. Just let them know that something like this could happen, and just be careful.”

The Nguyens have filed a report with the FBI, but at time of writing, the scammers are at large.

Follow us on X, Facebook and Telegram

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post 65-Year-Old Forced Out of Retirement After Losing ‘Everything’ in Elaborate Bank Fraud Scam appeared first on The Daily Hodl.