Authorities are set to scrutinise the bank accounts of a 54-year-old man arrested as a suspect in the Metamax pyramid scheme, which has reportedly affected around 15,000 victims in Cyprus, Greece, and other countries.
The complainants allege that the suspect, presenting himself as a representative of Metamax in Cyprus, encouraged investments through videos, claiming to earn €30,000 monthly. So far, the authorities have received 11 complaints from various police departments.
However, as reported by philenews, dozens of citizens are calling the authorities daily, stating they have fallen victim to the scheme.
In addition to scrutinising the suspect’s bank accounts, European investigation orders and judicial assistance requests will be sent to at least two foreign countries. This is because the funds appear to have been invested in the platform through an online bank based abroad.
The 54-year-old, an ex-police officer, appeared before the Limassol District Court, which ordered his detention for eight days.
According to Panayiotis Mourides, head of the Limassol CID’s Economic Crime Investigation Office, Interpol Athens notified Interpol Nicosia on July 5 that Cypriot citizens were involved with Metamax. The first complaint was received on July 3, with the latest on July 5. An estimated 100 more statements are expected to be taken as part of the investigation.
Investigators will examine various pieces of evidence, including the suspect’s and others’ mobile phones. Identifications will be conducted with individuals who reportedly met with the suspect both in person and online.
A specific application had a group with 9,000 members of the pyramid scheme, where the suspect claimed to be the leader and the first to join in Cyprus.
On 5 July, the 54-year-old, accompanied by his lawyers, went to the Paphos CID, stating that his life and his family’s lives were in danger from various individuals who sent him threatening messages, holding him responsible for their financial losses. He requested protection from the authorities and planned to obtain travel documents for his grandchildren to escape abroad by the following Monday.
The suspect claimed that he joined the platform in August 2023, initially investing $15 to evaluate advertisements. He stated that he invested $62 and earned €60,000, which was deposited in his Metamax account while his profits reached €130,000.
However, he claimed he was unable to transfer these funds to his bank account. The suspect professes ignorance of who created the platform, asserting that he is also a victim.
He mentioned that he recently traveled to the Philippines, invited for the inauguration of Metamax in Asia, where he realised he was in immediate danger. He sought the help of the Cypriot consulate in Manila, which facilitated his return to Cyprus.
Additionally, he stated that he had been communicating with a woman claiming to be from Canada, who showed him documents online indicating that Metamax was registered in Canada, convincing him to invest.
He denies having a leadership role in the group of Cypriot and Greek investors and rejects claims that he organised meetings to persuade unsuspecting citizens to invest.
