Police in Paphos are investigating a new case of online investment fraud after a 66-year-old man reported losing nearly €90,000 in a cryptocurrency scheme.
According to the Cyprus Police, the complaint was filed on Tuesday with the Criminal Investigation Department in Paphos.
The 66-year-old told authorities that unknown individuals contacted him through various online communication platforms between May and November 2025 and persuaded him to make what were presented as investments in cryptocurrencies.
Following the suspects’ instructions, the man transferred €89,816 through bank transfers to a cryptocurrency platform where the suspects had created an account for him, police said.
In November, the man lost all communication with the suspects and was unable to access the accounts they had created for him, leading him to suspect that he had been defrauded.
The case is being investigated by the financial crime investigation office of the Paphos Criminal Investigation Department.
Police used the case to urge the public to exercise caution when carrying out financial transactions or investments online.
Authorities advised people to work only with recognised companies and authorised advisers when making financial investments. They also stressed that bank account details, payment card information, access codes for online accounts and email accounts, and other personal data should be protected and never shared with third parties.
