Elderly Limassol Resident Scammed Out of €95,000 by Crypto Fraudsters

A 72-year-old Limassol resident has been defrauded of €95,000 by scammers who posed as representatives of lucrative cryptocurrency investments.

The elderly man reported the scam to the police last Saturday. He explained that he was enticed by an advertisement promising substantial returns on investments, which appeared around the end of June 2024.

Initially, he transferred €250, trusting the ad’s claims. The scammers convinced him that his investments were profitable, so he decided to invest more. Ultimately, he transferred over €41,000.

In early July 2024, he saw another advertisement for cryptocurrency investments. An unknown individual then contacted him, and he ended up transferring more than €54,000, believing he was purchasing cryptocurrency.

Whenever the 72-year-old tried to withdraw his supposed dividends, the scammers demanded additional payments and then cut off all communication.

The police are urging the public to be cautious and skeptical of anyone promising quick and high returns. They recommend making investments only through recognized and reputable advisors.

This isn’t the first time Cypriots have lost significant sums to dubious cryptocurrency schemes. Just last week, it was reported that scammers had swindled a Limassol resident out of $260,000.