Philenews

New Online Scam Victimizes 79-Year-Old: Believed He Invested in Cryptocurrencies and Lost €254,000

Published March 25, 2026, 09:16
New Online Scam Victimizes 79-Year-Old: Believed He Invested in Cryptocurrencies and Lost €254,000

The Police are investigating a new case of online fraud, where a 79-year-old resident of Larnaca fell victim. The elderly man, responding to an advertisement for investments in stocks and cryptocurrencies, was persuaded by unknown individuals to pay a total of €254,679 in fifteen different transactions 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 scammed. The Police remind citizens interested in online investments to be particularly careful. They warn that there are no guaranteed returns on investments, especially in cryptocurrencies, and that any offer of “sure profit” is likely a scam. They also warn about the tactic of scammers creating a sense of urgency, pressuring victims to invest immediately. The Police advise checking the licensing of investment companies by the Securities and Exchange Commission or a corresponding EU regulatory authority, avoiding platforms without complete contact details, and checking the “blacklists” of supervisory authorities for companies that have been reported. Additionally, they warn against installing remote access programs on your computer that “advisors” request to “help” with the investment. The case is being investigated by the Financial Crime Investigation Unit of the Larnaca TAE, while the Police call on citizens to be particularly careful and report any suspicious activity.