Limassol District Court on Monday approved an eight-day detention for a 63-year-old retired police officer suspected of involvement in the Metamax pyramid scheme fraud case, despite objections from the defence.
Limassol District Court Judge Doria Varoshiotou granted the detention request after the suspect turned himself into local Criminal Investigation Department (CID) investigators earlier in the day.
Panos Mourides, head of Limassol CID’s Economic Crime Unit, told the court that witness statements portrayed the suspect as having a leading role in Metamax, alongside a 54-year-old man previously arrested as the alleged ringleader.
The investigator said the suspect participated in seminars, encouraged investments, and showcased personal earnings of up to €3,000 daily to lure potential members.
Victims were reportedly persuaded to withdraw bank savings or provide cash directly to the suspects. The 63-year-old allegedly assisted in creating accounts with digital bank NEXO and transferring cryptocurrencies to Metamax.
Mourides revealed that the investigation has expanded to include seminars held in Athens and Thessaloniki, with new complaints emerging from victims abroad.
A key testimony highlighted that on June 25, when the platform was supposedly closed, the suspects convinced a victim to invest €3,700 in a new offer.
The court heard that about 90 statements have been collected thus far, with 84 more expected. Some individuals have expressed reluctance to come forward with complaints, Mourides added.
Authorities are seeking search warrants for bank accounts in Cyprus and abroad, as well as electronic banks and cryptocurrency exchanges. Interpol’s assistance has been requested.
Investigations are also underway regarding a trip taken by the 54-year-old suspect and three others to Manila on June 30 for the inauguration of Metamax offices, with particular focus on the circumstances of their departure from the Philippines.
Read more:
