A 79-year-old man from Larnaca lost more than €254,000 after responding to a fraudulent online investment advertisement, according to a complaint filed with police.
The case is being investigated by the Financial Crime Investigation Unit of the Larnaca Criminal Investigation Department.
Fraud linked to fake investment advertisement
According to the complaint submitted yesterday to the Larnaca CID, the victim responded in January 2026 to an online advertisement promoting investments in shares and cryptocurrencies.
After being convinced by individuals who presented themselves as representatives of the company, the complainant transferred a total of €254,679 between January and March 2026.
The money was sent in fifteen separate transactions from his bank account to bank accounts abroad indicated by the suspects.
Victim realised fraud after withdrawal request
The victim later attempted to withdraw what he believed were profits from the investment.
At that point he was asked to pay additional money as supposed “liquidation fees”, which led him to realise that he had been defrauded.
The Financial Crime Investigation Unit of the Larnaca CID is investigating the case.
Police warning to the public
Following the incident, police reminded members of the public who intend to invest online to take precautionary measures.
Authorities note that guaranteed returns do not exist in investments, particularly in cryptocurrencies, and any proposal promising “certain profit” is likely to be fraudulent.
They also warn that scammers often create a sense of urgency, pressuring victims to invest quickly before a supposed opportunity disappears.
Police advise the public to be cautious of emails, messages through electronic applications or phone calls from unknown “investment advisers”.
Potential investors are urged to check whether a company is licensed by the Cyprus Securities and Exchange Commission or another EU regulatory authority.
Authorities also warn against trusting platforms that do not provide full contact details, noting that fraudsters often create cloned websites of well-known companies.
Finally, the public is advised to consult the blacklists of supervisory authorities for companies that have been reported and to avoid installing remote access software on their computers when requested by supposed advisers assisting with investments.