The suspect stole the huge sum from the septuagenarian under false pretense of organising a sex party with three women.
The group sex meant to be between the septuagenarian and three women however turned out to be fake.
According to reports, the suspect who met the scammed old man at a club stole the amount from him after visiting his residence.
Law enforcement officers who are in possession of a picture belonging to the fraudster have launched an investigation into the matter.
What remains baffling for the police is why the victim had such an amount in his possession.