Elderly Cypriot Scammed Out of €142,000 in Online Investment Fraud

Cyprus police are investigating a new case of online fraud after a 77-year-old man was tricked into transferring €142,000 to cybercriminals posing as investment advisors.

According to a police statement, the incident began in June 2024 when the elderly man came across an advertisement online promoting a supposedly lucrative investment opportunity. After registering on the platform, he was contacted by individuals—believed to be based abroad—who persuaded him that the company was legitimate.

From September 2024 to February 2025, the victim made 27 transfers to various foreign bank accounts, unknowingly handing over his life savings to fraudsters.

Authorities are once again urging the public to be extremely cautious with online investment offers and to thoroughly research platforms before making any financial transactions.

The case is currently under investigation by the Nicosia Criminal Investigation Department.