Wilfried M., a 70-year-old from eastern Switzerland, lost 250,000 Swiss francs to international crypto criminals in an online investment fraud scheme, according to local reporting. What began as a modest 250-franc investment in early 2022 ultimately wiped out his personal savings and pension fund, leaving him bankrupt and selling his belongings.
How the 2022 Crypto Investment Scam Unfolded
The ordeal started when Wilfried M. clicked on an online advertisement promising earnings through a television-style program titled “Höhle der Löwen – in sieben Tagen Geld verdienen”, as reported by the source. The platform initially appeared professional, and early investments on a crypto platform seemed to grow as coin values rose. However, when market values dropped, individuals posing as “financial advisors” contacted him to demand further payments. According to the retiree, the scammers pressured him to deposit larger sums—first 5,000 francs, then 50,000 francs during a late-night phone call—under the guise of protecting his initial capital. Trusting the perpetrators because they chatted with him about everyday life, he ultimately wrote off roughly 180,000 francs in losses after the scammers suddenly cut off all communication and he chose not to report it to the police at the time.
Did You Know? Online investment fraud generated massive financial damage across Switzerland in recent years, with the Network for Digital Investigative Support for Internet Crime (Nedik)—led by the Zurich Cantonal Police—recording 185 million francs in damages during 2025 alone.
The Return of the Scammers and the Money-Mule Trap
In late 2025, roughly three and a half years after the initial losses, another purported financial advisor contacted Wilfried M. with a promise to recover his lost funds, leading him to wire tens of thousands of additional francs from his own pocket to foreign accounts, based on bank statements reviewed by reporters. Concurrently, criminals used his bank account as a “money mule” to transfer funds stolen from other victims—such as an 81-year-old Zurich resident named Fridolin J., who lost over 40,000 francs since the beginning of the year after being contacted by similar fake advisors. Because the perpetrators had gained control of Wilfried M.’s computer and banking details, money flowed in from other victims and out to foreign accounts without his knowledge, triggering multiple bank account freezes.
Police Investigation and Personal Consequences
Following intervention from his social circle, Wilfried M. finally broke off contact with the fraudsters and filed a formal police report in late April. Having lost his entire savings and pension fund totaling 250,000 francs—including roughly 70,000 francs wired from his own pocket since late 2025—he now faces severe financial hardship. He has arranged his collection of packaged model race cars on the floor to sell everything he owns to raise cash, stating that out of shame he refuses to apply for social welfare and prefers to handle the situation on his own.
Frequently Asked Questions
How much money did Wilfried M. lose in total?
According to the source material, Wilfried M. lost a total of 250,000 Swiss francs to the crypto fraud scheme, which included his personal savings and pension fund.
How did the criminals manage to use his bank account without his knowledge?
The perpetrators gained control of his computer and account by regularly obtaining his login credentials, using him as a “money mule” to transfer funds from other victims while hiding the transactions from him.
What was the total financial damage caused by online investment fraud in Switzerland in 2025?
According to figures recorded by the Network for Digital Investigative Support for Internet Crime (Nedik), online investment fraud caused 185 million francs in damages in Switzerland in 2025.
How do you think financial institutions and authorities can better protect vulnerable seniors from sophisticated international recovery scams?