Man from Paphos lost over €77,600 in double cryptocurrency fraud
A 61-year-old from Paphos lost over €77,600 after falling victim to two linked cryptocurrency fraud schemes. The case is being investigated by the Police Financial Crime Department.
Double cryptocurrency fraud cost 61-year-old in Paphos €77,600
A 61-year-old from Paphos lost a total of over €77,600 as a result of two linked cryptocurrency fraud schemes, according to a police announcement on Saturday, as reported by Cyprus Mail.
According to a complaint filed with the Paphos Criminal Investigation Department, the case began in mid-February, when the man found an advertisement on social media promoting cryptocurrency investments.
He made contact via a telephone application with an unknown English-speaking woman and, following her instructions, converted €6,200 from his bank account into cryptocurrency, which he deposited into an unknown digital wallet. He was given a link through which he could monitor his alleged investment, which showed significant profits.
When he attempted to withdraw the money, he was asked to pay an additional €3,222. He then suspected it was fraud and broke off all contact with the woman.
A month later, two Greek-speaking individuals contacted him via a telephone application, claiming they specialised in recovering money lost to online fraud. They told him they could recover his lost capital and also help him collect alleged profits from previous cryptocurrency investments.
The 61-year-old was convinced and, between 20 March and 27 July, carried out a series of bank transfers to foreign accounts provided by the suspects. The money was requested with various pretexts — fees, expenses and taxes that were allegedly required to complete the recovery process and release the profits.
The man never received any money. According to his complaint, the total amount taken from him exceeds €77,600. The case is being investigated by the Financial Crime Investigation Office of the Paphos Police Division.
Police urged the public to exercise particular caution with online investment offers and unsolicited contact from strangers, and not to provide third parties with access to electronic devices, internet accounts or banking details. Those considering online investments should contact only recognised companies and authorised financial advisers, the police added.
Source: Cyprus Mail