Elderly man loses over €250,000 in online scam

Police are investigating a new case of online fraud after a 79-year-old man was conned out of €254,679 through a fake investment scheme.

According to a report by the Larnaca CID, the man responded in January 2026 to an online advertisement promoting investments in shares and cryptocurrencies.

The victim was subsequently persuaded by individuals posing as company representatives to invest money.

Between January and March 2026, he transferred a total of €254,679 in 15 separate transactions from his bank account to accounts abroad.

Police said the fraud came to light when the man later attempted to withdraw his supposed profits and was asked to pay additional fees for “liquidation costs”.

“At that point, he realised he had been duped,” the statement said.

In light of the incident, police urged the public to exercise caution when considering online investments, stressing that there are no guaranteed returns, particularly in cryptocurrencies, and that promises of “sure profit” are likely fraudulent.

They also warned that scammers often create a sense of urgency to pressure victims into acting quickly before the so-called “opportunity” is lost.

Police advised the public to be wary of emails, messages or phone calls from unknown “investment advisers”, and to verify whether companies are licensed by the Cyprus Securities and Exchange Commission or another EU regulatory authority.

Police further cautioned against trusting platforms without full contact details, noting that fraudsters frequently create fake websites mimicking legitimate companies.