Police are investigating a new online fraud case after a 79-year-old man from Larnaca reported losing €254,679 through a fake investment scheme.
According to a complaint filed yesterday with the Larnaca CID, the man responded in January 2026 to an advertisement from a company offering investments in shares and cryptocurrencies.
After being convinced by people who presented themselves as company representatives, the complainant sent a total of €254,679 between January and March 2026 in 15 separate transactions.
The money was transferred from his bank account to bank accounts abroad that he had been instructed to use.
The man later tried to withdraw what he believed were his profits, but was asked to pay more money for supposed liquidation costs.
At that point, he realised he had been defrauded.
The case is being investigated by the Financial Crime Investigation Unit of the Larnaca CID.
Following this latest online fraud case, police reminded members of the public who are considering online investments to keep several points in mind.
They said there are no guaranteed returns in investments, especially in cryptocurrencies, and any offer promising “guaranteed profit” is likely to be a scam.
They also warned that fraudsters often create a sense of urgency, pressuring potential victims to invest immediately before they are told the opportunity will be lost.
Police advised the public to be suspicious of emails, messages through online applications or phone calls from unknown “investment advisers”.
They also urged people to check whether an investment company is licensed by the Cyprus Securities and Exchange Commission or another relevant EU regulatory authority.
Police said people should not trust platforms that do not provide full contact details, such as an address and telephone number, noting that fraudsters often create copycat websites of well-known companies.
They also advised the public to check the blacklists published by supervisory authorities for companies that have been reported.
People were further warned not to install remote access software on their computers if so-called advisers ask for it in order to “help” with an investment.