This type of fraud sees victims conned into handing over money to people offering fake, but often very convincing, investments with the promise of big returns. He said: “I’ve destroyed my life, changed my life so much for the worse and need to warn people – if it can happen to me it can happen to anyone.”
Mr Saghir started with an initial £18,000 investment, but when that ran out he started to transfer more money in Bitcoin.
Listeners of BBC Money Box heard him talk about his experience to Paul Lewis.
He said: “It was for trading on the stock market with stocks and shares. It all looked legitimate, it was on YouTube, so I filled the form in, and it all started from there.
“At the start, we kept the trades small. I wanted to build it up over time and make a legitimate business.
“Initially it started really well.”
Between May and August, Mr Saghir ended up investing £500,000 worth of Bitcoin to these scammers, thinking they were helping him invest it.
He continued: “[In business] you take the odd small risk; you test the market, when you do some advertising, you dip your toes in, when you try new products, you dip your toes in.
“I did the same with the trading. I started off relatively small.
“As you crash the trade, I had to put more money in to try and get it back up.
“It all spiralled from there you know.”
The scammers told Mr Saghir that he was losing…