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Elderly Man Scammed Out of €254,679 in Online Investment Fraud

Published March 25, 2026, 09:03
Elderly Man Scammed Out of €254,679 in Online Investment Fraud

The Larnaca Police are investigating a fraud case where a 79-year-old man was scammed out of €254,679 through a false investment advertisement online. The elderly man, responding to an advertisement for investments in stocks and cryptocurrencies, sent the amount to 15 different bank accounts abroad between January and March 2026. When he tried to withdraw his profits, he was asked to pay additional money for liquidation costs, realizing he had been defrauded. The case is being investigated by the Financial Crime Investigation Unit. Police remind citizens to be cautious with online investments, not to trust promises of guaranteed profits, and to check the licensing of investment companies.