AN ELDERLY man from Hampshire has been tricked into handing over £4m in a fake shares and investment scam, it has been revealed.
The pensioner from Hamble could face losing his house following the hoax scheme, according to Hampshire Trading Standards.
A Hampshire County Council spokeswoman said that the victim had regularly sent off money for the fake investments and it was not possible for him to recoup his money.
She said: ‘Trading standards were alerted to an elderly man who was regularly spending money on fake shares and investments.
‘After a visit to the man with Hampshire Police, trading standards officers discovered he had spent approximately £4m.
‘It was not possible to get this back for him and steps were taken to prevent him sending more money away.
‘He may now have to sell his house.’
The authority has set up a Financial Abuse Safeguarding Unit to deal with a growing number of ‘extremely vulnerable victims’ being targeted.
The spokeswoman said that in the past eight months alone a total of £5m had been lost to the con artists.