Police in Paphos are investigating a new case of online investment fraud after a 66‑year‑old man reported losing nearly €90,000 in a cryptocurrency scheme.
The man told investigators that unknown individuals contacted him through various online messaging platforms between May and November 2025 and persuaded him to invest in what they claimed were cryptocurrency opportunities.
Following their instructions, he transferred €89,816 via bank deposits into an account on a crypto platform the suspects had set up for him.
He later lost all contact with the individuals and was unable to access the accounts they created, leading him to suspect he had been defrauded.
The case is being handled by the Financial Crime Investigation Office of the Paphos CID.
Police issued a renewed warning urging the public to exercise caution when conducting online transactions or investments.
Authorities advised citizens to work only with recognised companies and licensed financial advisers, and reminded the public never to share bank details, card information, passwords, or other personal data with unknown individuals.
