Cooperative bank initiative reports online share scam to Cyprus police

Nicosia, Cyprus. The company behind plans to establish a new cooperative bank in Cyprus has reported an attempted online scam to police after identifying fake websites and social media accounts claiming to assist people in buying its shares.

The Pancyprian Cooperative Society for Participation and Promotion of Cooperativism said the unauthorised pages and profiles claimed to support people seeking online access to its ongoing share offering.

Unauthorised online accounts

The company said no individual, company or other third party has been authorised to act on its behalf, mediate transactions or assist prospective members.

It said its corporate website is its only official company website, while applications for membership and share purchases can be made exclusively through its dedicated share platform. Both official sites were accessible independently on Monday.

Share offering

The warning was issued as the company raises capital for its proposed cooperative credit institution in Cyprus.

The Cyprus Securities and Exchange Commission approved the prospectus on July 8. The public offering opened on July 22 and is scheduled to continue until November 17.

The offering covers up to 42 million new shares with a nominal value of €1 each. The minimum investment through the online platform is €100.

CySEC approval of the prospectus does not constitute endorsement of the shares, while the proposed bank would still require the necessary regulatory licences before beginning operations.

Public warning

The company urged the public to exercise particular caution when encountering online pages or profiles claiming to represent the initiative.

It advised people not to provide personal or financial information through unofficial sources and to verify communications before proceeding with a share purchase.

Those seeking confirmation or assistance were advised to use the company’s official channels. The support numbers listed in Monday’s warning are 97913011, 97913012, 97913013 and 97913014, while enquiries can also be sent to [email protected].