Paphos man loses more than €65,000 in investment and recovery scams

Paphos, Cyprus. A 60-year-old man lost more than €65,000 in an online investment scam and a second fraud promising to recover his money, police said on Friday.

Online investment scam

According to police, the man reported that an unknown Russian-speaking woman contacted him in early June, offering an opportunity to invest in shares related to oil, gold and other metals.

Following her instructions, he opened a link sent through a messaging application and created a profile on an unknown website, where he was guided into making investments.

Between June 9 and July 29, he transferred €51,326 to overseas bank accounts provided by the woman.

After the supposed investment appeared to have generated a substantial profit, he tried to contact her but received no response and realised he had been defrauded.

Second fraud promised to recover funds

On August 3, days later, another unknown person contacted him through a messaging application. This time, a man claimed to work for a company specialising in recovering money lost through online scams.

The man allegedly promised to recover €280,000 for the victim.

Between August 3 and 31, the 60-year-old transferred a further €14,000 to overseas bank accounts to cover supposed fees, commissions, insurance and taxes.

When no money was recovered, he realised he had been defrauded for a second time.

Police advise caution

Police urged the public to exercise particular caution when investing online and to deal only with recognised companies and authorised financial advisers.