The 63-year-old retired police officer is a key figure in a suspected pyramid scheme investigation, Limassol CID’s Economic Crime Unit revealed on Monday.
While the full details of the remand application were not disclosed, Panayiotis Mourides, head of the unit, said the suspect recruited investors and promised high returns through the Metamax scheme. The suspect’s lawyer contested the remand request, but Judge Doria Varoshiotou approved it for eight days.
Mourides presented witness statements alleging the 63-year-old, alongside a previously arrested 54-year-old suspect, convinced thousands to join Metamax with false promises. Over five victims claim the 63-year-old actively signed people up, portraying Metamax as a reputable international company.
Investigators believe the 63-year-old received money from those persuaded to invest, even facilitating registration for some. He allegedly displayed earnings of €2,500 per week and claimed daily income from registered members. Additionally, he added them to a Telegram group with nearly 9,000 members.
Mourides noted seminars held in Athens and Thessaloniki are under scrutiny, with potential further complaints emerging from abroad. Notably, a victim claims the suspects convinced them to invest €3,700 on June 25th, despite the platform being closed.
The investigation also revealed a picture sent by the 54-year-old suspect on June 29th, claiming a successful €15,000 withdrawal despite platform issues.
Furthermore, a new car purchase by the 63-year-old is being investigated, with the suspect claiming it was funded by his retirement lump sum.
Mourides clarified that a third suspect, a 48-year-old man, appears unconnected to the other two but that he appears to also be involved with Metamax. He also highlighted challenges due to some victims’ apprehension about coming forward.
So far, 90 statements have been collected, with another 84 expected. Warrants for bank accounts, electronic banks, and cryptocurrency exchanges are planned, along with Interpol assistance.
The investigative team is also probing a trip taken by both suspects and two others to the Philippines on June 30, allegedly to establish Metamax operations there.
The 54-year-old suspect’s claim of fleeing the Cypriot Embassy in Manila is under investigation. Mourides mentioned confidential testimonies implicating both suspects but withheld details due to ongoing investigations.
