In a year marked by rising online scams, romance fraud has emerged as one of the most emotionally and financially destructive crimes in Britain.
According to Action Fraud, UK victims lost £106 million in the past financial year — a sharp increase driven by sophisticated scams on dating apps and social media.
Among them is Varun Yadav, a London banker who joined a dating site hoping to find a life partner. Instead, he was drawn into a relationship that ended in financial ruin and heartbreak.
“You see all the signs, but you’re so emotionally attached,” Yadav told BBC Radio London. “You’re willing to lose the money, but not the connection.”
Over months of chatting on Jeevansathi, a dating app, Yadav fell for a woman calling herself Rekha Shah, who eventually persuaded him to invest in cryptocurrency through a platform called Deuncoin.
When withdrawals suddenly stopped, Yadav realised it was all a scam — and he had lost INR 47,25,908 (£40,000), his entire savings.
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How Romance Fraud Works
Romance fraud involves fraudsters posing as love interests online, building trust through long-term emotional manipulation, and then exploiting that trust for financial gain.
Victims are often encouraged to transfer money, buy cryptocurrency, or send gift vouchers under the pretext of urgent or emotional needs.
The Financial Conduct Authority (FCA) warned that banks were missing opportunities to intervene, urging them to improve vulnerability detection and staff training to identify suspicious transactions that may indicate emotional coercion.
“Better monitoring and compassionate aftercare can make a difference,” the FCA said.
Awareness as the First Line of Defence
The Metropolitan Police recently launched a campaign featuring testimonies from victims, including Yadav, to raise awareness.
Detective Superintendent Kerry Wood, head of economic crime, described romance fraud as “one of the most devastating” crimes because it targets both heart and trust.
“Awareness is the most powerful defence,” she said. “By talking openly, we can protect ourselves, our loved ones, and our communities.”
The campaign includes videos and partnerships with dating apps, social media platforms, and banks to identify fraud faster and support victims.
The Human Cost of Silence
Yadav said shame and fear kept him silent for weeks before he came forward. “When I told my friends, many admitted they’d been scammed too — they were just too ashamed to say it,” he said.
While Yadav has rebuilt his life, he said the trauma will stay with him.
“You lose the person you thought loved you — and the money you worked your whole life for,” he reflected. “But sharing helps. No one should go through this alone.”
Authorities urge victims to contact their bank immediately and report incidents to Action Fraud or police.
