November 14,2025
RED FM News Desk
An elderly North Vancouver man has been targeted by an aggressive fraud scheme.
According to his wife, the couple lost $120,000 after he was deceived by a fake investment ad last year. She says her 77-year-old husband often becomes confused, and the scammers gradually built his trust with repeated phone calls, convincing him to invest in what they claimed was a highly successful “chip-making” company.
She explains that the scammers first deposited $25,000 into his bank account. When she looked into the unexpected deposit, their bank, RBC, told her the transaction was legitimate.
Because of her suspicions, the scammers persuaded her husband to move the $25,000 into a Scotiabank account, and then to transfer it to their so-called investment fund.
After that, they pushed for even more money.
“So he went to the bank and withdrew $120,000 in two money orders. The bank didn’t question him — even though it was a joint account — an elderly, confused man taking out a huge amount of cash — not a single question,” she said.
He reportedly shifted the money again from RBC to Scotiabank, and finally to the scammers’ fund. The woman believes RBC staff should have recognized the warning signs.
“I spoke to the bank manager… She said, ‘Oh, we vetted him very carefully.’ But that wasn’t true — they never asked him anything. They just handed over the cash.”
Because the money was taken from a line of credit, the couple is now paying interest on the $120,000.
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