Police in Paphos are investigating a new case of online investment fraud after a 66-year-old man reported losing almost €90,000 to investment scheme.
Cryptocurrency fraud details
According to the report, the victim was contacted by unknown individuals via various online communication platforms between May and November 2025. He was persuaded to make so-called investments in cryptocurrencies.
Following the suspects’ instructions, the man transferred €89,816 via bank transfers to a cryptocurrency platform where the suspects had created an account in his name. By November, he lost all contact with the perpetrators and access to the accounts, realising he had been defrauded.
Investigation by financial crimes unit
The case is now being handled by the Financial Crime Investigation Office of Paphos CID. Police are continuing inquiries to identify the suspects and recover the lost funds.
Authorities advise the public to exercise caution with any online transactions or investments. Citizens should work only with recognised companies and licensed financial advisors.
Protect personal and financial information
The police also emphasise that bank account details, credit card information, online account passwords, and personal data must be protected and never shared with unknown parties.
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