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.
Author
Born in 1984 in Russia, in the city of Yekaterinburg (Sverdlovsk region). Since 2023, he has been living in Northern Cyprus. Education: Ural State University (UrGU, now UrFU), Faculty of Journalism. Specialization – journalist (2007). Professional experience: From 2003 to 2023, he worked in…
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