Larnaca, Cyprus. Police are investigating an online fraud case after a 79-year-old man was conned out of €254,679 through a fake investment scheme. The Larnaca CID said the man responded to an online investment advertisement in January 2026.
How the alleged fraud unfolded
According to police, the man was persuaded by individuals posing as company representatives to invest money in shares and cryptocurrencies. Between January and March 2026, he transferred a total of €254,679 in 15 separate transactions from his bank account to accounts abroad.
Attempt to withdraw funds raised suspicions
Police said the fraud came to light when the man later attempted to withdraw what he believed were profits and was asked to pay additional fees for “liquidation costs”. Police said he then realised he had been duped.
Police warning to the public
Police urged the public to exercise caution when considering online investments, saying there are no guaranteed returns, particularly in cryptocurrencies, and that promises of “sure profit” are likely fraudulent. They said scammers often create a sense of urgency to pressure victims into acting quickly before the supposed “opportunity” is lost.
Advice on verifying investment offers
Police advised people to be wary of emails, messages or phone calls from unknown “investment advisers” and to verify whether companies are licensed by the Cyprus Securities and Exchange Commission or another EU regulatory authority. They also cautioned against trusting platforms without full contact details, noting that fraudsters frequently create fake websites that mimic legitimate companies.
Have you checked whether an online investment company is licensed before sending any money?