Victims of Romance Fraud Tricked out of £106m in Past Year

Romance fraud, a growing crime that targets both the heart and the pocket, saw an estimated £106m lost by UK victims in the past financial year.

One of those who lost money and a romance was Varun Yadav, a London banker who hoped to find a life partner on a dating app.

Now £40,000 poorer after being persuaded to invest in crypto trading, he said he saw the warning signs but was so emotionally attached he ignored his suspicions. When he realised what had happened, fear and shame kept him quiet.

Action Fraud, which published the figures, said it can have a serious impact on victims, "not just financially but emotionally, socially and even physically".

Mr Yadav thought he had met his ideal woman on a site called Jeevansathi, meaning "life partner" in Hindi.

She said her name was Rekha Shah.

After months of chatting over WhatsApp and video calls, she asked him if he would invest with her.

Mr Yadav lost his life savings and left him feeling suicidal.

"You see all the signs, but you are so emotionally attached. You are willing to lose the money, but you are not willing to lose the connection," he told BBC Radio London.

The Financial Conduct Authority (FCA) said banks were missing opportunities to help break the spell of romance scams.

Better detection and monitoring systems, identifying vulnerability early on, and compassionate aftercare would all improve outcomes for victims.

Firms needed to train staff to spot red flags and critically probe customer explanations, it said.

- Author: Harry Craig, BBC