Police investigating cryptocurrency fraud after victim loses $200,000

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A St. Thomas resident has lost $200,000 in an alleged cryptocurrency investment scam, according to St. Thomas police.

Police said the victim reported receiving calls in April from people claiming to offer assistance with cryptocurrency investing.

Investigators said the victim made a small initial investment and later received a return, prompting additional transfers. The victim was then shown what appeared to be significant investment growth.

When the victim attempted to withdraw the funds, the suspects allegedly instructed them to pay substantial transaction fees.

Police said the victim continued to transfer money using personal savings, loans and credit cards, resulting in losses totalling $200,000.

The investigation is ongoing.