A 41-year-old man in Limassol has reportedly lost $280,000 after falling victim to an online cryptocurrency investment scam, according to police.
The man filed a complaint with the Limassol Criminal Investigation Department (CID) on Thursday, 5 November, reporting that he had been defrauded over a period of approximately two months.
According to a police statement, the victim said he came across an online advertisement in early September promoting cryptocurrency investment opportunities.
He subsequently contacted an individual who presented themselves as an investor and, after being persuaded to take part, initially transferred $100,000.
Fake profits used to persuade victim to invest more
The alleged scammers then showed the 41-year-old what appeared to be substantial profits from his initial investment, encouraging him to make further deposits over time.
However, when he attempted to withdraw part of his money, he began encountering difficulties.
The individuals he had been communicating with reportedly gave various excuses for failing to process his withdrawal request, while demanding additional payments. They allegedly claimed these payments were necessary to release his supposed investment profits.
The man eventually realised he had been scammed and reported the matter to police.
According to his complaint, the total amount he lost between September and November 2026 reached $280,000.
Police issue warning over online investment scams
The case is being investigated by the Economic Crime Investigation Office of the Limassol CID.
Following the incident, police urged the public to exercise particular caution when approached with online investment opportunities.
They advised potential investors to verify the legitimacy and credibility of companies and individuals before making any investments or transferring money.
Police also reminded the public never to share personal information, passwords or bank account details with third parties.
