Police are investigating two new online fraud cases involving fake cryptocurrency investments, with the victims losing a total of almost €75,000.
According to police, the two cases appear to have similar features. In both, the suspects allegedly presented themselves as financial advisers or representatives of investment platforms, promising high returns from cryptocurrency trading.
In the first case, the victim is a 72-year-old man from Nicosia. He told police that he had shown interest in an online advertisement about cryptocurrency investments and was later contacted by an unknown person who claimed to be a financial adviser for a company.
The 72-year-old was allegedly persuaded to install a special application on his computer, allowing the suspect to gain remote access to his online banking activity.
An initial transfer of €250 was made to an overseas account. The amount was later returned to him as supposed profit, strengthening the impression that the investment was genuine.
Three more transfers followed, for €1,000, €7,500 and €40,000. The alleged scam was uncovered when a relative of the 72-year-old looked into the matter and found that the investment platform was fake. His total losses amounted to €48,500.
The second case involved a 39-year-old man from Paphos.
The complainant found a website online that presented itself as a cryptocurrency investment platform and contacted its operators. He later communicated with a woman who claimed to represent the company.
Following her instructions, he sent cryptocurrency worth €12,448 to a specific digital wallet. He also gave her remote access to his computer.
When he attempted to withdraw his supposed profits, he was told that he first had to pay additional amounts for alleged fees and charges. Although he made further payments, the requests for more money continued, prompting him to realise that he had been scammed.
His total losses amount to around €26,400.
The two cases are being investigated by the Police Financial Crime Investigation Department.
Police have again urged the public to be particularly cautious with online investment offers promising quick and high returns. They also warned people not to give third parties access to bank accounts or electronic devices.
