Newsroom
Police in Paphos are investigating a new online investment fraud case after a 66-year-old woman reported losing thousands of euros to a scam that started with what looked like a legitimate investment website.
According to her complaint, the woman came across an investment platform online in March and created an account. Soon after, she was contacted by a woman she did not know through an online messaging platform, who encouraged her to make an initial “investment” of €250, which she transferred to a bank account provided to her.
Shortly afterwards, the fake investment account appeared to show profits, a key tactic often used in such scams to build trust and lure victims into sending more money.
Encouraged by the apparent gains, the woman later transferred an additional €4,245, again into accounts provided by the suspect.
The situation escalated in late May when she attempted to withdraw her money. She was then told she needed to pay further fees, allegedly for tax purposes on her investment earnings. Trusting the instructions, she sent another €1,164 and €989 via bank transfer.
It was only when further payments were requested that she realized she had likely been targeted in a scam and reported the matter to authorities.
In total, the woman is believed to have lost more than €6,000.
The case is being investigated by the Economic Crime Investigation Unit of the Paphos CID.
Police have used the case to renew warnings about online investment fraud, urging the public to be extremely cautious and to deal only with licensed and recognized financial advisers or authorized investment firms.
They also stress that promises of quick returns and pressure to keep paying “fees” to unlock profits are common red flags in online scams that continue to target people across Cyprus.
