A routine traffic stop on Interstate 20 in Webster Parish led Louisiana State Police to uncover a sophisticated cryptocurrency scam that targeted an 82-year-old man from Midland, Texas. The driver of a rental car, initially suspected of involvement in drug-related activities, was found carrying $200,000 in cash.
Authorities believe the elderly Texan fell victim to a “pig-butchering” scheme, a type of crypto scam where scammers build trust through quick gains before luring victims into larger investments. The scam originated in China and has gone global during the pandemic.
The driver, acting as a courier, was paid to transport the money from Texas to an undisclosed location on the East Coast. Despite suspicions, no drugs were found in the vehicle, and a receipt indicated the cash withdrawal from the victim’s bank.
Louisiana State Police, in coordination with Midland authorities, have decided to wire the $200,000 back to the victim, an 82-year-old widower who intended to invest in cryptocurrency in Hong Kong. Assistant District Attorney Hugo Holland, who is overseeing the case, emphasized the importance of protecting individuals from falling prey to such scams.
The victim’s son has been notified, and authorities hope to dissuade the elderly man from further risky investments. The decision to release the driver without charges was made pending translation of messages found on three cell phones, all in Mandarin Chinese, which may shed light on the workings of the elaborate scam.
Holland expressed concern that the courier might have been working under duress, possibly part of a larger criminal syndicate. The phones and the State Police file will be forwarded to Midland authorities for potential prosecution.
“We intercepted what could have been a $200,000 loss to this gentleman,” stated Holland, emphasizing the commitment to protecting citizens from financial exploitation. “I don’t want the man to be victimized again,” he added.
This case highlights the growing threat of cryptocurrency scams and the need for vigilance, especially among vulnerable individuals targeted online.