A 54-year-old suspect, arrested in connection with the Metamax pyramid scheme, is set to appear before the Limassol District Court this morning (6/7) for a remand hearing.
According to sources from philenews, the 54-year-old is a former police officer and is alleged to have served as a representative for the pyramid scheme in Cyprus. The same sources suggest that further arrests could occur, potentially within the day.
As reported yesterday, 15 complaints had been made to the authorities up until the day before yesterday. However, the number of victims appears to be significantly higher.
The Limassol CID is receiving numerous calls daily from citizens wishing to report falling victim to the pyramid scheme, though only four individuals have provided written statements so far. The investigation commenced following complaints to the Limassol, Larnaca, Nicosia, and Paphos CID departments.
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.
