Hearing for "Metamax" Financial Pyramid Case in Cyprus Delayed

The court hearing for the "Metamax" financial pyramid case has been postponed to October 7. Two of the defendants remain at liberty under restrictive conditions.

Local media reports that today the lawyers for the two defendants requested a delay, citing the fact that they have not yet received the witness materials. As a result, their clients are not prepared to respond to the charges against them.

The investigation into the infamous financial pyramid scheme was first reported by Cypriot police in early July. At that time, a call for complaints from victims was announced. It was previously reported that the number of individuals defrauded by the scheme had surpassed one hundred.

Three individuals were initially arrested in connection with the case, though one was later released.

The trial will involve the 53-year-old head of the company and a 63-year-old police officer. They face charges of conspiracy to commit a criminal offense, operating a financial pyramid, and money laundering.

The court has rescheduled the proceedings to begin on October 7, with the defendants remaining free under the same restrictive conditions.

It was also previously reported that a new financial pyramid scheme has emerged in Cyprus following "Metamax."