RBC, CIBC Let 89-Year-Old Lose $1.7M to Scammers
An 89-year-old Victoria man lost his entire life savings — nearly $1.7 million — in what’s being called one of the largest “bank investigator” scams ever reported in Canada. Despite multiple red flags, RBC and CIBC allowed him to withdraw massive sums over several months.
Ray Anholt, now 90, says the ordeal left him penniless. “I trusted them,” he said quietly, recalling how scammers posing as bank employees convinced him to withdraw money to “help with a national money-laundering investigation.”
The elaborate scam
Beginning in June 2024, Anholt received calls that appeared to come from CIBC. The caller claimed to be a fraud investigator and warned him to keep quiet “for the sake of the investigation.” Over the next six months, scammers had him withdraw cash, buy gold, and hand over bank drafts to couriers who collected them from his apartment.
“They watched this 89-year-old man pull out every cent,” said his daughter Jill Anholt, furious that the banks didn’t step in.
Red flags ignored
CIBC froze Anholt’s online banking but still allowed in-person withdrawals. Even after sending him a letter warning his transactions were “unusual,” the bank permitted him to move his remaining money to RBC — where the withdrawals continued.
At RBC, staff reportedly asked no questions as he purchased gold with bank drafts ranging from $50,000 to $395,000 each. “All sorts of alarms should have gone off,” said Duff Conacher, co-founder of Democracy Watch.
Both banks declined interviews but claimed in statements they have “robust fraud detection systems.”
Fallout and accountability
Canada’s Bank Act requires banks to safeguard customer interests, but advocates say enforcement is weak. “If RBC and CIBC had followed their own policies, this wouldn’t have happened,” said Conacher.
The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) also failed to intervene despite mandatory reporting requirements for large or suspicious withdrawals. Neither bank confirmed whether they reported Anholt’s transactions.
Countries like the U.K. and Australia already hold banks liable for failing to prevent such frauds, but Canada lacks similar legislation. Federal consultations on the Bank Act have yet to deliver concrete protections.
After Jill contacted police, a sting operation led to one courier’s arrest. Charges are expected soon, though the stolen money is unlikely to be recovered.
“I think it’s very brave of him to tell his story,” Jill said. “So many victims stay silent out of shame — but it’s the system that failed, not him.”
