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Police in Paphos are investigating a fresh cryptocurrency investment scam after a 61-year-old man came forward today to reveal he had been fleeced not once, but twice, by fraudsters posing first as investment brokers and then as money recovery agents.
The victim told officers he first stumbled across an advert for crypto investments on a social media website back in mid-February 2026.
He got in touch via a messaging app with an unknown woman who spoke English, and — following her instructions to the letter — transferred €6,200 from his bank account, converting it into a specific type of cryptocurrency before sending it on to an unknown digital wallet, supposedly for investment purposes.
The pensioner was even sent a link so he could track the progress of his so-called investment.
But when it appeared to be turning a tidy profit and he asked to cash out, he was told he’d first have to pay a further €3,222. It was only then that the penny dropped — he realised he’d been conned, and cut off all contact with the mystery woman.
But the nightmare was far from over. In March 2026, the 61-year-old was contacted again via messaging app — this time by two unknown individuals speaking Greek, who claimed to specialise in tracking down money lost to online scams. The pair assured him they could help him recover both his lost cash and the profits he believed he’d racked up from his earlier crypto dealings.
Taken in once more by the suspects’ claims, the victim proceeded to make a string of bank transfers between March 20 and July 27, 2026, to overseas accounts specified by the fraudsters — money he was told was needed to cover costs, fees and tax charges.
When no money ever materialised, he finally twigged he’d been scammed for a second time. According to his complaint, the fraudsters made off with a combined total of more than €77,600 across both schemes — leaving him significantly out of pocket.
The case has been handed to the Economic Crime Investigation Office at Paphos CID.
Police have seized on the case to issue a fresh warning to the public, urging people never to grant others access to their electronic devices or online accounts, and to keep personal details and banking information strictly under wraps. Anyone considering online transactions or investments, officers stressed, should deal only with recognised companies and licensed advisers.
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