Police arrested a 54-year-old man yesterday evening on suspicion of conspiracy to commit a felony, obtaining money by false pretences, and money laundering.
These offences are believed to have taken place between April and June 2024. The investigation commenced following complaints to the Limassol, Larnaca, Nicosia, and Paphos CID Departments from citizens who claimed to have fallen victim to a pyramid scheme scam.
According to the complainants, an online investment platform, in which they had registered and invested money, became inaccessible, and they were unable to withdraw their funds.
Police investigations revealed evidence against the 54-year-old, leading to the issuance of an arrest warrant. The suspect was located and arrested yesterday evening and remains in custody to facilitate further inquiries.
The Limassol CID’s Economic Crime Office is continuing its investigations.
