Nicosia detectives are investigating a massive online investment scam after a 63-year-old man reported losing more than €850,000. The victim told police that fraudsters, posing as investment firm representatives, contacted him online and convinced him to make repeated payments over a nearly three-year period. Between February 2023 and December 2025, the man transferred cryptocurrency, sent bank wires, and purchased digital assets under their direction.
The victim only realised he had been targeted when the suspects severed all contact and vanished. The Nicosia Criminal Investigation Department (CID) has now taken over the case to trace the stolen funds and identify those behind the sophisticated fraud.