Detectives say they have conducted numerous enquiries, including conducting covert policing, CCTV, phone and financial enquiries.
They have also released an e-fit of the suspect.
This is an absolutely tragic case in which the victim has been repeatedly targeted over a prolonged period of time and has ultimately lost everything.
“He has been caught in a vicious circle, not wanting to stop payment over concerns he would not see any of his money again and only paying in the vain hope the situation would change and he would be reimbursed.
“The actions of the offender are wicked and shameful.
"To knowingly take so much money from a vulnerable pensioner is despicable and I don’t know how the person responsible can live with themselves.
Anyone with information is asked to call police on 0161 856 7225 or Crimestoppers on 0800 555 111.
More top news
Showers easing overnight. Good start Thursday but rain later. Winds will be the focus on Friday. Kerrie has the detail....
A man has revealed how his grandfather escaped death during the Battle of the Somme when a bullet was deflected by a spoon and a Bible.
Images have been released of seven people police want to speak to after disturbances during a far right rally in Liverpool.