Two new cases of online fraud linked to cryptocurrency investments are under investigation by Cyprus Police, following complaints from citizens who lost substantial amounts of money.
According to police, the victims lost a total of approximately €48,500 and €26,400, respectively, after being targeted through fraudulent online investment platforms.
The cases involve a 72-year-old man from Nicosia and a 39-year-old man from Paphos.
Elderly victim lost €48,500
In the first case, the 72-year-old responded to an online advertisement promoting cryptocurrency investments. He was subsequently contacted by a man claiming to be a financial advisor, who promised high returns.
The victim installed a remote access application on his computer, allowing the suspect to carry out transactions via his online banking account.
An initial transfer of €250 was made to an overseas account and was later returned as a supposed profit, encouraging further payments of €1,000, €7,500 and €40,000.
The fraud was uncovered when a relative discovered the investment platform was fake. The total loss amounted to €48,500.
Second victim tricked via fake platform
In the second case, the 39-year-old from Paphos found a website advertising cryptocurrency investments and contacted a representative.
A woman posing as a platform associate convinced him to invest, resulting in a transfer of cryptocurrency worth €12,448 to a specified account.
He also granted remote access to his computer. When he attempted to withdraw his supposed profits, he was asked to pay additional fees.
Despite making further payments, the demands continued, eventually leading him to realise he had been defrauded. His total losses reached approximately €26,400.
Economic crime unit investigating
Both cases are being investigated by the Cyprus Police Economic Crime Investigation Unit.
Authorities continue to warn the public about fraudulent online investment schemes, particularly those involving cryptocurrencies and remote access software.
Source: CNA
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