Newsroom
A 25-year-old man has been remanded in custody after 18 people told police they handed him more than €500,000 to invest in cryptocurrencies.
The money was allegedly collected over a period of nearly 10 months, from June 15, 2025, to April 1, 2026.
Police have not disclosed how the 18 people came into contact with the suspect, what returns they were promised, or whether any of the money was actually invested.
They have also not said whether any funds have been traced or recovered, likely the most pressing question for those who handed over their savings.
The 25-year-old was arrested Thursday afternoon under a court warrant and appeared before a judge Friday. The court ordered that he remain in custody for seven days while investigators continue gathering evidence.
The case is being investigated as suspected theft by an agent, money laundering, and violations of Cyprus’ Betting Law.
“Theft by an agent” is the legal term used when money or property entrusted to someone for a particular purpose is suspected of being taken or used improperly. Details of the alleged betting offenses have not been released.
The amount involved makes the case particularly striking. Spread evenly among the 18 complainants, it would represent an average of almost €28,000 per person, although police have not said how much each individual handed over.
Cryptocurrency itself is legal, but its complicated and lightly understood nature can make it easier for investors to be drawn in by promises they cannot independently verify. Unlike money held in a traditional bank account, digital assets can also be difficult to trace and recover once transferred.
The Nicosia CID Economic Crime Investigation Unit is continuing its inquiries.
The suspect has not been convicted of any offense, and the allegations against him remain under investigation.
