Cryptocurrency fraud in Paphos: 61-year-old loses over €77,600 in two phases
A 61-year-old in Paphos fell victim to a double cryptocurrency fraud scam, losing a total of over €77,600. The case is being investigated by the Economic Crime Investigation Office.
Double cryptocurrency fraud in Paphos – 61-year-old victim loses €77,600
The Police are investigating a new case of online cryptocurrency fraud in Paphos district, following a complaint submitted to Paphos TAE by a 61-year-old man. According to Philenews, the perpetrators obtained a total amount exceeding €77,600 from the victim, managing to defraud him not once, but twice.
First phase: the "investment"
In mid-February 2026, the 61-year-old found an advertisement for cryptocurrency investments on a social media website. Through a telephone application, he came into contact with an unknown woman who spoke English. He followed her instructions and converted €6,200 from his bank account into cryptocurrency, which he then transferred to an unknown electronic wallet.
Via a link sent to him, he monitored the virtual progress of his investment. When the profits appeared significant and he requested to withdraw the money, he was asked to pay an additional €3,222. He then realised it was a fraud and stopped all communication.
Second phase: the "recovery"
In March 2026, the 61-year-old received new contact from two unknown individuals who spoke Greek. The suspects claimed they could locate funds lost through online fraud and assured him they would help him recover the lost capital, as well as profits from his previous cryptocurrency investments.
Convinced by their claims, the 61-year-old made a series of bank transfers between 20 March and 27 July 2026 to accounts abroad that were indicated to him. These amounts were purportedly paid under the pretext of expenses, fees and tax burdens.
Receiving no monetary sum, the man realised he had fallen victim to a second fraud. The total amount obtained exceeds €77,600.
The Economic Crime Investigation Office of Paphos TAE has taken over the case.
Source: Philenews