Bank Scammers Drain Million-Dollar Life Savings From Elderly Man Despite Red Flags: Report
A man who just celebrated his 90th birthday has lost his life savings after he fell victim to a notorious bank investigator scam.
Ray Anholt has lost all of his funds at two major banks after receiving calls from fraudsters, reports CBC News.
His ordeal began when he received a phone call from what appeared to be a number from CIBC. The caller said he was with the bank’s fraud department and needed Anholt’s help with a money-laundering investigation.
The caller instructed Anholt to withdraw from his accounts and a courier would pick up the money from his apartment. The scammer also said that the funds will be returned once the investigation is over.
Unfortunately, Anholt followed the fraudsters’ instructions. His daughter, Jill, says her father’s banks allowed him to drain his accounts despite the red flags, and the scammers stole $1.7 million CAD worth about $1.2 million USD.
When Anholt started making cash withdrawals, a CIBC branch manager questioned his activity and froze his online bank account and ability to get funds from an ATM, but Anholt could still take out money in person.
In a letter, the branch manager informed Anholt about unusual activities on his account but failed to inform the old man that he was likely involved in a scam.
CIBC also allowed him to move all his money to another bank, RBC, where Anholt would get large bank drafts every few weeks to buy gold. No one from the bank asked questions about the large withdrawals.
Says bank accountability advocate Duff Conacher,
“When someone’s doing unusual, very large withdrawals from their savings accounts, all sorts of alarms should be going off.”
In response to the report, RBC and CIBC say they have robust measures to protect clients from fraud.
“After such steps have been taken by the bank, clients retain the right to make decisions regarding their account and access the funds in their account.”
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ZK-Technology's Rapid Rise: Advancements in Blockchain Scalability and Signs of Growing Institutional Embrace
- Zero-knowledge (ZK) technology is accelerating blockchain adoption through scalability breakthroughs, with ZK rollups processing 10B+ Ethereum transactions and achieving 15,000 TPS. - Institutional giants like JPMorgan , Goldman Sachs , and Deutsche Bank are deploying ZK-based systems for secure settlements and tokenized asset management, signaling mainstream validation. - ZK infrastructure now supports $3.5B TVL across platforms like ZKsync and StarkNet, with Ethereum's zkEVM upgrade attracting $200M in
Astar (ASTR) Price Rally: Blockchain Integration and the 2025 DeFi Revival
- Astar (ASTR) surges in 2025 due to on-chain adoption and DeFi renaissance, driven by Agile Coretime upgrades and institutional investments. - Q3 2025 saw 20% active wallet growth and $2.38M TVL, contrasting with broader DeFi’s decline, highlighting Astar’s liquidity resilience. - Strategic partnerships with Web2 giants boost ASTR’s real-world utility via loyalty programs and decentralized identity solutions. - Astar 2.0’s 150,000 TPS cross-chain interoperability bridges Ethereum , Polkadot , and Binance,
Astar 2.0 and What It Means for Blockchain Infrastructure
- Astar 2.0 introduces a modular cross-chain infrastructure supporting EVM and WASM, enhancing DeFi scalability and interoperability. - Key upgrades include Astar zkEVM for low-cost transactions and LayerZero integration to bridge Ethereum , Polkadot , and Binance Smart Chain. - Tokenomics 3.0 features a fixed 10.5B ASTR supply and dApp Staking v3, incentivizing liquidity and governance participation through the Astar Contribution Score. - Strategic partnerships with Startale and Plaza, plus Agile Coretime
Aster DEX's Adoption of Ethereum Layer 2: Driving Enhanced Liquidity and Improved Trading Performance
- Aster DEX integrates Ethereum L2 solutions to boost liquidity and trading efficiency via hybrid AMM-CEX architecture and AI routing. - Platform attracts 2M+ users and $3T+ Q3 2025 volume but faces stagnant fees and declining open interest despite 800% volume surge. - ZK Rollups adoption enables faster transactions and institutional trust, though proof generation complexity remains a deployment challenge. - Protocol updates including 300x leverage and yield-generating collateral reduced liquidation risks
Trending news
MoreCrypto prices
More
