In Cyprus, a 25-year-old man allegedly defrauded 18 people of more than €500,000 under the guise of cryptocurrency investments
In Cyprus, a 25-year-old man has been arrested after allegedly receiving more than €500,000 from 18 people over ten months under the guise of cryptocurrency investments, according to police. He was arrested on Thursday afternoon under a court warrant, and on Friday the court ordered that he be remanded in custody for seven days.
Police said that 18 complainants had reported the actions of the same man. According to their statements, between 15 June 2025 and 1 April 2026, the suspect collected money from them, promising to invest the funds in cryptocurrency.
The detainee is being investigated on three counts: misappropriation of money received as a representative, money laundering from illegal activities, and violations of gambling and betting legislation.
The case is being handled by the Economic Crime Investigation Department of the Nicosia Police Directorate, and the investigation is continuing.
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