Larnaca Resident Loses Over €250,000 to Online Scammers

Cyprus Police are investigating a new case of online fraud involving fictitious investments.

According to the investigation, a 79-year-old Larnaca resident responded to an advertisement regarding stock and cryptocurrency investments in January 2026. He was contacted by individuals posing as employees of an investment firm.

Between January and March 2026, the man transferred €254,679 to specified overseas bank accounts. The money was sent in 15 separate transactions.

When he attempted to withdraw the alleged profits, he was asked to pay an additional sum purportedly to cover withdrawal fees. At that point, the man realized he had fallen victim to a scam and contacted the police.

The investigation is being handled by the Larnaca Police Economic Crime Unit.

Police remind citizens that offers of "guaranteed profits," especially in the cryptocurrency sector, are often fraudulent and urge the public to thoroughly vet investment companies before transferring any funds.