Cypriot authorities are widening their investigation into the Metamax pyramid scheme fraud, with a warrant issued for a retired police officer believed to be a central figure.
Police are seeking the 63-year-old man, who is now a fugitive, according to philenews sources. Over 50 complaints have been filed with total losses exceeding €150,000.
Victims include police officers, businesspeople, banking sector employees, and public servants.
Investigators are seeking permission from the Law Office to travel abroad to gather evidence and identify other suspects.
The probe comes after Metamax, which offered investment packages with high returns, abruptly shut down its platform on July 3.
According to a source familiar with the scheme’s structure, thousands of Cypriots invested in Metamax in recent months, lured by attractive offers.
The source, speaking to philenews, said the company operated with a tiered system where members earned commissions by recruiting new participants.
Authorities have collected evidence including photos, videos, and conversations suggesting the scheme pressured members to invest heavily. Some victims reportedly resigned from their jobs or borrowed money based on promised profits.
