A man has been arrested after an elderly resident transferred a total of about £250,000 to alleged fraudulent traders for minor home renovations.
Police were alerted by bank staff in Middleton, Greater Manchester, after they spotted a customer was attempting to transfer nearly £100,000 to an apparent contractor on Thursday.
They said the man had been suspiciously paying large sums of money on a regular basis for building work on his house.
Police visited the man’s home and found he had paid large sums for minor renovations, such as painting.
While the officers were there, a suspect arrived and was arrested on suspicion of fraud.
Detectives later found the elderly man’s payments had been spent in a range of places including restaurants and luxury retailers, where jewellery and clothes were purchased.
Det Supt Andy Buckthorpe, of Greater Manchester Police, said the scale of the exploitation was “truly alarming”.
“Thanks to the diligence of the bank and their knowledge that something wasn’t right, we were able to immediately respond and make a positive arrest, but also safeguard the victim to ensure he is now protected,” he said.
“Fraud has a real lasting impact on victims and their families and cannot be underestimated.”
The force said it would continue to work with the region’s banks so this sort of suspicious activity can be uncovered at an early stage.