Financial Services category powered by

Local scammed out of over €30,000 after investing in crypto

Police in Limassol are investigating a case of potential online fraud and embezzlement following a complaint from a 42-year-old man on Monday who tried to invest more than €30,000 in cryptocurrency.

According to the man, he entered an online cryptocurrency platform in June and was contacted by an unknown individual who convinced him “to invest in cryptocurrencies to earn big profits”.

The man says he made eight transfer transactions from his bank account to the online platform between June and August totalling €20,563 in the belief he was purchasing cryptocurrency.

He said he later wished to withdraw his money but was told he would first have to pay more money before getting his money back. He said he was “convinced” by the individual to make four more transfers totalling €11,296 to the cryptocurrency platform.

Having not received anything in return, he realised the system was a scam and contacted the police.

Read More

Hellenic Bank generates profits of €93.3m for 1Q2024
World Bank dismisses claim and instructs depositors and bond holders to pay Republic US$6 million
Bank of Cyprus: Receive your dividend payment electronically
Aristidis Vourakis reveals AstroBank is going against the trend and opening a new branch
Bank of Cyprus: Shareholders greenlight the dividend and Board members elected and re-elected
Takis Arapoglou: “2023 was a year we fully reaped the benefits of the Bank’s transformation”
Panicos Nicolaou: Strong performance for Bank of Cyprus with a distribution over six-times higher than 2023
Fokion Karavias: “All our strategic initiatives, including Hellenic Bank in Cyprus, are on track”
Cypriot banks are well capitalised, SSM chief says, cautions over “novel” risks (video)
BOC’s Panicos Nicolaou desribes proposed taxation of banks’ windfall profits as "political risk”