A 41-year-old man in Limassol has reportedly lost $280,000 in a cryptocurrency scam after being persuaded to invest money through an online platform, police said.
The man filed a complaint with the Limassol Criminal Investigation Department (CID) on Thursday, 5 November, saying he had been defrauded over a period of approximately two months.
According to police, he came across an online advertisement in early September promoting cryptocurrency investment opportunities.
He then contacted an individual posing as an investor and was persuaded to take part in the scheme. He initially transferred $100,000.
Fake profits used to demand further payments
The alleged scammers subsequently showed the man what appeared to be substantial profits from his initial investment, encouraging him to transfer additional money.
However, when he attempted to withdraw part of his funds, he encountered difficulties.
The individuals he had been communicating with reportedly gave various excuses for failing to process the withdrawal and demanded further payments.
They allegedly claimed the additional money was needed to release his supposed investment profits.
The man eventually realised he had been defrauded and contacted police.
According to his complaint, his total losses between September and November 2026 amounted to $280,000.
Police warn public about online investment scams
The case is being investigated by the Economic Crime Investigation Office of the Limassol CID.
Police urged the public to exercise caution when approached with online investment opportunities.
They advised people to verify the legitimacy and credibility of companies and individuals before investing or transferring money.
Police also reminded the public never to share personal information, passwords or bank account details with third parties.
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