Guelph man loses nearly $200K to crypto scam

A man enter data on the computer keyboard. Photographer: Chris Ratcliffe/Bloomberg

Guelph Police are asking residents to be cautious when dealing with strangers after a resident lost $198,000 to a cryptocurrency scam.

A Guelph woman called them on Sunday to report the incident. She told police her father, who is in his 60s, had previously been the victim of fraud.

“In late 2025 he was contacted by an individual who was aware of the earlier fraud and claimed he could help the victim recoup his losses,” a new release said.

The man made a series of transfers from his bank account to a supposed credit company. When the father later became ill, his daughter took over his affairs and discovered the fraud.

Police are advising residents to be wary of any telephone call, email or text which requires you to take immediate action. It is always best to independently contact the supposed sender and confirm the legitimacy of the correspondence before taking any action.

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501, even if there has been no money lost.