A resident of Limassol fell victim to an online scam, losing 135,000 euros in a scheme involving "highly profitable stocks."

The Cyprus Police are investigating yet another case of online fraud. The victim, a Limassol resident, was lured into purchasing "highly profitable stocks" for a total of 135,000 euros, resulting in the loss of his savings.

According to the police press release, the incident began in December of last year when a 58-year-old man came across an advertisement on social media from a foreign company claiming to be planning a lucrative entry into the stock market within the next two to three years.

Convinced by the advertisement, the victim reached out to the suspected advertisers and initially transferred 26,000 euros to an overseas bank account. Subsequently, he transferred two more sums of money, amounting to 110,350 euros, for the purchase of shares in another company, also touted as promising for investment.

As time passed without any returns on his investment, the victim grew suspicious and eventually realized he had been deceived. He promptly reported the incident to the police. The Limassol Criminal Investigation Department has taken charge of the investigation.