Police in the Paphos district are investigating a new case of online fraud involving cryptocurrency investments, following a complaint filed today with the Paphos Cybercrime Unit by a 61-year-old man.
Specifically, in mid-February 2026, the 61-year-old came across an advertisement on a social media site regarding cryptocurrency investments. Subsequently, he contacted an unknown woman via a phone app; she spoke English, and, following her instructions, he converted the sum of €6,200 into a specific type of cryptocurrency via his bank account, which he then transferred to an unknown digital wallet for investment purposes. Through a link that had been sent to him, he monitored the progress of his investment. When the investment appeared to be yielding a significant profit and he requested a refund, he was asked to pay the sum of €3,222. It was then that he realized it was a scam and cut off all communication with the unknown woman.
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In March 2026, the 61-year-old was contacted again via a phone app by two unknown individuals, who spoke Greek and claimed to be involved in recovering money lost to online scams. These individuals assured him that they would help him recover funds and cash out profits he had allegedly earned from his previous investments in cryptocurrencies.
After being convinced by the suspects’ claims, the 61-year-old, between March 20, 2026, and July 27, 2026, made a series of bank transfers to overseas bank accounts indicated to him by the unknown individuals. These sums were allegedly paid under the pretext that they covered expenses, fees, and tax charges.
Since he did not receive any money, he realized that he had been the victim of fraud. According to his complaint, the perpetrators defrauded him of a total amount exceeding €77,600.
The case is being investigated by the Financial Crime Investigation Office of the Paphos CID.
In light of this case, the police are urging the public to exercise extreme caution. It is emphasized that granting others access to electronic devices and online accounts should be avoided, while personal information and bank account details must be protected and never disclosed.
With regard to conducting any online transactions or investments, the public is urged to deal only with recognized companies and licensed advisors for any financial investments.
