Cryptocurrency scam in Paphos: 61-year-old loses over €77,600
A 61-year-old in Paphos fell victim to a double online scam involving cryptocurrency investments, losing a total of over €77,600. The case is being investigated by the Economic Crime Office.
61-year-old in Paphos loses €77,600 in double cryptocurrency scam
A 61-year-old resident of Paphos lost over €77,600 through an online scam involving cryptocurrency investments, according to Politis. The case, which involves two consecutive deception schemes, was reported today to the Paphos Economic Crime Office.
The first trap — February 2026
In mid-February 2026, the 61-year-old spotted an advertisement for cryptocurrency investments on a social media platform. He communicated via a telephone application with an unknown woman who spoke English, who guided him to convert €6,200 from his bank account into cryptocurrency and transfer it to an electronic wallet of unknown parties.
Through a link that had been sent to him, the man monitored his alleged investment, which appeared to be generating substantial profits. When he requested the return of his money, the perpetrators asked him for an additional €3,222. At that point he was convinced he had fallen victim to fraud and terminated the communication.
The second trap — March to July 2026
In March 2026, the 61-year-old received new contact from two unknown individuals who spoke Greek. The two suspects claimed to specialise in locating funds lost in online scams and that they could help him recover his capital as well as cash in the alleged profits from his previous "investments".
The 61-year-old was convinced. From 20 March to 27 July 2026 he carried out a series of bank transfers to overseas accounts that were indicated to him. The amounts were requested under various pretexts — fees, commissions and tax charges — allegedly necessary to complete the recovery process.
No sum of money was ever returned. Realising he had fallen victim a second time, he filed a complaint with the Police. The total amount allegedly obtained exceeds €77,600. The case is being taken up by the Economic Crime Investigation Office of the Paphos Police.
Warning from Police
Following the case, Police are calling on the public to exercise particular caution regarding online investment proposals from unknown individuals. It is recommended not to provide access to electronic devices or online accounts to third parties, and not to disclose personal details or bank account information.
For online transactions and investments, Police recommend engaging exclusively with recognised companies and approved financial advisers.
Source: Politis