A major investigation is underway in Cyprus into an alleged pyramid scheme linked to a company called Metamax, with potential victims spanning abroad.
The Limassol Police’s Economic Crime Unit has been gathering evidence, including video footage that appears to show a prominent figure in the case encouraging potential investors to take out loans to invest in Metamax, promising rapid returns and downplaying any risk.
The investigation has garnered significant public attention, with Philenews reporting a deluge of messages from individuals claiming they were lured into the scheme with promises of luxury travel and other incentives.
Philenews has also obtained a video from a presentation made a few months ago, in which one of the suspects encourages the audience to borrow money from friends or banks to invest in the scheme.
As he is seen saying in the video while pointing to the investment packages, the €600 package is the best and least risky option to start with. He then goes on to say, “Unfortunately, they have made it impossible for us to take out loans since 2013 (referring to the tighter banking controls after the financial crisis). The good thing is that we can find loans, either from someone we know or from an organisation. The problem, however, is how to repay them. Well, this particular loan, when we take it, is repaid on its own and in a very short time, which in the worst-case scenario is 40 days. I don’t think it’s a deterrent for anyone.”
Investigation extends abroad
Police sources suggest that the investigation is making significant progress, with the prospect of further arrests on the horizon. The scope of the inquiry extends beyond Cyprus, with a particular focus on individuals in Greece who are suspected of playing a key role in promoting the scheme through online and in-person events.
Investigators are eager to expand their inquiries to other countries but are currently awaiting legal clearance to travel abroad to gather evidence and identify further suspects.
The investigation is also probing Metamax seminars and presentations held in Athens and Thessaloniki, where it is believed that more than 1,000 people were recruited.
The suspects are said to have also made live presentations via Zoom and Telegram, as well as in Limassol cafes.
The scale of the alleged scam is still unfolding, but early estimates suggest that a significant number of individuals may have been affected, with potential losses reaching into the hundreds of thousands of euros.
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