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Police are investigating a major online fraud case after a 79-year-old man from Larnaca was tricked into sending more than €254,000 to scammers posing as investment advisers.
Authorities said the man reported the case this week to the Larnaca Criminal Investigation Department, explaining that he had responded earlier this year to an online advertisement promoting investment opportunities in shares and cryptocurrencies.
According to police, the ad appeared legitimate and led to contact with individuals who claimed to represent an investment company. Over several weeks, the suspects allegedly built trust with the victim and persuaded him that his money was generating significant returns.
Between January and March 2026, the man transferred a total of €254,679 through 15 separate bank transactions to accounts abroad, believing he was funding profitable investments.
The deception became clear only when he tried to withdraw his supposed earnings. Instead of receiving money, he was asked to pay additional fees described as “processing” or “liquidation” costs, a classic warning sign of investment fraud. Realizing something was wrong, he contacted police.
The case is now being handled by Larnaca’s Financial Crime Investigation Unit.
A familiar scam with a modern twist
Police say the incident follows a pattern increasingly seen across Cyprus and Europe, where fraudsters use professional-looking websites, persuasive phone calls and messaging apps to create the illusion of legitimate investment platforms.
Officials stressed that promises of guaranteed profits, especially in cryptocurrency trading, should immediately raise suspicion.
Scammers often pressure victims to act quickly, claiming a limited-time opportunity or urgent market movement to prevent people from taking time to verify the offer.
What police want the public to know
Authorities are urging anyone considering online investments to take basic precautions:
- Check whether the company is licensed by the Cyprus Securities and Exchange Commission or another EU regulator.
- Be cautious of unsolicited calls, emails or messages from unknown “financial advisers.”
- Avoid platforms that lack clear contact details or verifiable company information.
- Review warning lists issued by financial regulators before investing.
- Never install remote-access software on your computer at someone else’s request, as this can allow scammers to access personal data and bank accounts.
Police say online investment fraud continues to evolve, with criminals increasingly targeting people through social media and online advertising. While older individuals are often approached, authorities emphasize that anyone can fall victim if proper checks are not made.
Investigations into the case are ongoing.
