A Wellington father, known only as Yogesh, is facing an emotional turmoil after being scammed out of $18,000 through a dubious cryptocurrency investment app. Despite the financial distress, he has yet to disclose the situation to his wife, fearing her reaction and the impact on their family savings.
Yogesh, an Uber driver, revealed that the funds were earmarked for their children’s daycare and education. “This has put me into depression and I am so ashamed; I still haven’t been able to tell my wife,” he admitted. He emphasized the importance of the emergency savings for their family, saying, “She will not be happy at all because the emergency money is for our daycare expenses.”
The scam began when he was approached via the encrypted messaging platform Telegram by a seemingly legitimate entity known as HFSC Trading Experience. He described how the investment offer appeared credible, saying, “I was watching this thing called the Trading Experience for a while. I was seeing people posting, saying they were making money through cryptocurrency.”
Once he signed up, he interacted with a figure named “Assistant Bella,” who guided him through the investment process. Initially, Yogesh felt optimistic after transferring his savings into the app, where he saw his funds swell to nearly $30,000. “I had around $29,000 sitting in there — but then I was told to get it out would cost me 30% commission,” he explained. He quickly realized the extent of the deception as additional fees piled up, including a 30% tax requirement before he could withdraw any money.
“That is when I realised it was a scam. They just kept asking for commission and money. I was never going to be able to get the money,” he lamented.
Yogesh has reported the incident to the police cybercrime unit and filed a complaint with the Financial Markets Authority (FMA). Authorities confirmed receiving the report of online fraud on August 1, with ongoing assessments being made.
“I am so ashamed I was drawn into this,” Yogesh said, underscoring the emotional weight of his situation. He is far from alone, as the FMA reported that nearly $200 million was lost by New Zealanders to scams in 2023. Ian Caplin, a spokesman for the Ministry of Business, Innovation and Employment (MBIE), warned consumers to be cautious of such investment schemes, particularly targeting those looking to maximize their savings.
While Yogesh has confided in his parents, who are providing support during this challenging time, he remains haunted by the financial loss. He reached out to the scammers, expressing his despair by stating, “you have ruined my life.” Their response was to encourage him to pay the commission and tax to retrieve his funds—a promise he knows is empty.
In sharing his ordeal, Yogesh revealed that he has connected with other victims of the Trading Experience scam, some losing thousands of dollars themselves. As he prepares for the difficult conversation with his wife upon her return from India, he knows that the path ahead will not be easy. “I will need to tell her. She is not going to be happy about this at all,” he concluded, reflecting on the challenge of confronting the reality of his situation.
