Cold call scammers persuaded a pensioner to hand over nearly £8,000 of his life savings by posing as senior detectives investigating an HSBC fraud, a court heard.
William Dickson, 73, was convinced criminal funds had been siphoned through his account after he was targeted by criminals posing as police officers and bank staff between 7 and 10 July.
The retired journalist was warned he could face money laundering charges if he didn't hand over large sums of money to a courier sent to his flat in Notting Hill, west London.
Mr Dickson said he met Mijanur Rehnan, 19, three times and gave him £7,870 before he spoke to staff at a HSBC branch in Notting Hill Gate on 9 July and realised he had been conned.
Rehnan was arrested by a plain clothes police officer at the victim's flat when he went to collect another £4,880 the following day, the Old Bailey heard.
Prosecutor Simon Ward said: "They pretended to be police officers working for the fraud department of HSBC bank and they pretended people from HSBC were using William Dickson's bank account as a means of laundering cash.
"They got him to take quite large sums of money out of his bank account and hand it over to this defendant who was acting as the courier."
A man claiming to be 'DCI Robinson' rang Mr Dickson on 7 July and told him he was about to arrest HSBC staff suspected of money laundering.
When the pensioner asked for the inspector's warrant number he was told to dial '161' and was put through to a fraudster posing as 'DC Wallace' who claimed they were both from the Metropolitan Police.
The retiree was then passed on to crooks posing as members of HSBC's fraud department.
"He was left with the impression that he was speaking to the fraud team and they confirmed that there was an ongoing investigation," said Mr Ward.
"From all of that he was given the impression he was dealing with bona fide people."
Mr Dickson withdrew £5,000 in cash from an HSBC branch in Notting Hill on 7 July and handed it over to Rehnan outside his flat later that day, jurors heard.
The victim said he met Rehnan, who used the nickname 'Ryo', twice the following day and handed over £2,000 and £870 worth of Euros.
On 9 July he spoke to genuine HSBC staff and realised he had been the victim of a fraud.
The bank contacted the police and two plain clothes officers were sent to Mr Dickson's flat to arrest Rehnan when he arrived on 10 July.
Rehnan, of Margery Road, Dagenham, east London, denies four counts of fraud and claims he is the victim of mistaken identity.
The trial continues.
