SIGN UP for our newsletter ✉️ :

Get the latest stories delivered straight to you

SW man loses $2m in 'money wash' scam

A 56-year-old South West man has spoken out about a scam which left him more than $2m out of pocket and at risk of losing his home.

Boyanup resident Bryan, who did not want his surname published, fell for an investment and "money wash" scam in 2008, which only ended with the help of WA Police last month.

The scam, which started online and developed into a convoluted process to 'recover lost funds from the UK', saw him commit to hundreds of thousands of dollars at a time to 'a lucrative investment opportunity'.

Bryan even travelled to Dubai and Kuala Lumpur, where he watched two well-presented Nigerian men "wash" white bank notes with chemicals to transform them into useable currency.

"Prior to getting involved, I was investing in the share market in Australia, buying and selling units and making some money. I just looked at it as a higher-risk investment," he said. "I had in the back of the mind that something didn't gel, but they were sending me certificates to say I was a beneficiary and so on and it all looked so genuine.

"Probably the way to describe it is you're semi-hypnotised into believing that it's all genuine.

"I'm very, very embarrassed about it, but just talking to a few people, they all said, 'You've got to speak out about this.'"

In June this year, Bryan was contacted by officers from Project Sunbird - a partnership between WA Police and Consumer Protection - but he only responded last month.

Now, with his retirement plans in tatters and his home in jeopardy, he wants to help police catch the fraudsters.

"I'm still keeping them on a fish hook, because if I've got the opportunity to do something and catch them out, I'll do it," he said.