79-Year-Old Larnaca Resident Loses €254,679 to Fake Investment Ad

Police are investigating a case of internet fraud: according to a complaint filed with the Larnaca Criminal Investigation Department, a 79-year-old Larnaca resident transferred €254,679 between January and March 2026 after responding to an investment advertisement.

According to the statement, the victim responded to a company's ad regarding investments in stocks and cryptocurrencies. Convinced by individuals posing as company representatives, the applicant sent the specified amount in fifteen separate transfers to bank accounts outside the country between January and March 2026.

When the applicant attempted to withdraw the "profit," additional payments were demanded, allegedly to cover liquidation costs, after which he realized he had been defrauded. An investigation is being conducted by the Larnaca Criminal Investigation Department — Economic Crime Investigation Office (TAE Larnaca).

Police remind everyone in Cyprus of the precautions for online investments:

• • In investments, especially cryptocurrencies, there are no guaranteed returns; promises of "exact profit" are most likely a scam.
• • Scammers create a sense of urgency, forcing you to invest immediately.
• • Be cautious of emails, messenger messages, or calls from unknown "investment consultants."
• • Check if the investment company is licensed by the Securities and Exchange Commission (CySEC) or a relevant EU regulator.
• • Do not trust platforms without full contact details (address, phone); check regulators' "blacklists."
• • Do not install remote access software at the request of "advisors."