Following the arrest of a 54-year-old man yesterday evening in relation to the Metamax pyramid scheme, it is revealed that the victims of this scheme include approximately 15,000 individuals from Cyprus, Greece, and abroad.
A remand order for eight days has been issued by Limassol District Court judge, Theodoros Symeonidis, against the 54-year-old suspect.
The suspect, a former police officer, was arrested and remains in custody. During interrogation, he claimed that he and his family had received threats from individuals associated with the pyramid scheme, expressing fears for their safety. The suspect denies any involvement and refutes claims of a leadership role.
Thus far, 15 complaints have been made island-wide regarding the pyramid scheme fraud, with another 100 statements expected. Investigations will proceed with Interpol’s assistance.
The suspect’s lawyer asserted his client’s innocence, stating that he considers himself a victim and has been unfairly targeted as the mastermind by the media. The lawyer noted that the company is headquartered in Canada and the Philippines, distancing his client from the case.
According to Panayiotis Mourides, the head of the Limassol CID’s Economic Crime Office, complaints about inaccessible accounts on the Metamax platform were received on July 1, 2024.
Investors deposited funds into accounts, received cryptocurrencies, and were promised multiplied returns by watching and evaluating videos daily. Four complaints from Limassol citizens detailed their investments in the Metamax platform. The complainants allege that the suspect, presenting himself as a representative, encouraged investments through videos.
The case examiner mentioned that complainants claimed a group was created on an application with 9,000 members from Cyprus and Greece. The suspect allegedly portrayed himself as the scheme’s leader and the first to sign up in Cyprus.
Following the closure of their accounts, group membership increased, and members reported account shutdowns.
The 54-year-old suspect is being investigated for conspiracy to commit a felony, obtaining money by false pretences, and money laundering. These offences are believed to have been committed between April and June 2024.
