Police in the Paphos District are investigating a new case of online fraud involving stock investments, following a complaint filed today with the Paphos Criminal Investigation Department by a 60-year-old man.
According to the complainant, in early June 2026, the 60-year-old received a phone call from an unknown woman who spoke Russian and told him he could invest in stocks related to oil, gold, and other metals. Following her instructions and clicking on a link sent to him via a messaging app, he created a profile on an unknown website. The unknown woman then guided him through the investment process.
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Between June 9, 2026, and July 29, 2026, made bank transfers totaling €51,326 to overseas bank accounts that the unknown woman had indicated to him. When his investment appeared to be yielding a significant profit, he tried to contact her but was unsuccessful. It was then that he realized it was a scam.
A few days later, on August 3, 2026, an unknown man contacted the 60-year-old via a messaging app. The stranger allegedly claimed to work for a company that specializes in recovering money lost due to online scams and promised to return the sum of €280,000.
Convinced by these claims, the 60-year-old made, between August 3, 2026, and August 31, 2026, a series of bank transfers totaling €14,000 to overseas bank accounts, which were indicated to him by the unknown man. These sums were allegedly paid under the pretext that they covered expenses, commissions, insurance premiums, and tax charges.
Since he did not receive any money, he realized that he had once again fallen victim to fraud.
The case is being investigated by the Financial Crimes Investigation Office of the Paphos CID.
In light of this case, the police urge the public to exercise extreme caution. It is emphasized that granting others access to electronic devices or online accounts should be avoided, while personal information and bank account details must be protected and never disclosed.
When conducting any online transactions or investments, the public is urged to work only with recognized companies and licensed advisors for any financial investments.
