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Elderly Man Loses Over €250,000 in Cryptocurrency and Stock Scam

Published March 25, 2026, 09:13
Elderly Man Loses Over €250,000 in Cryptocurrency and Stock Scam

Police are investigating a new case of online fraud, where a 79-year-old resident of Larnaca was scammed out of over €254,000. The elderly man responded to an advertisement for investments in stocks and cryptocurrencies and, convinced by the perpetrators, deposited the amount into 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 a victim of fraud. Police remind citizens to be cautious with online investments, not to trust promises of guaranteed profits, and to check the licensing of companies.