LINCOLN, Neb. -- A Lincoln man lost hundreds of thousands of dollars during a crypto currency scam, according to authorities. 

The Lincoln Police Department said they got a fraud report on Friday from a 56-year-old man. 

LPD said the arriving officer spoke with the man who reported he was speaking with a stranger last December. 

The unknown caller reportedly encouraged the man to join a group message on Telegram for crypto currency trading, police said.  

Authorities said the man completed some trades and made a return, and after doing so, he reported that he was encouraged to up his investment to increase his return. 

The victim reportedly invested $300,000 and got a notice that his account was under audit, police said. 

LPD said the victim was told by the controllers of the group that he could unlock the account with additional funds, so he reportedly added $50,000.

The victim told authorities he was told he needed to invest more money and that he believes he is being scammed. 

This is an ongoing investigation.