Larnaca man loses over 250,000 euros in online investment fraud

A 79-year-old resident of Larnaca has reported being the victim of a sophisticated online investment scam. The man responded to an online advertisement in January 2026 promising returns on shares and cryptocurrencies. Over the course of three months, he made 15 separate transfers totaling 254,679 euros to foreign bank accounts as instructed by individuals claiming to be investment advisers. When he attempted to withdraw his supposed profits, he was asked to pay additional fees for liquidation, at which point he realized he had been defrauded. The case is currently being investigated by the Financial Crime Investigation Unit of the Larnaca Criminal Investigation Department (CID). Following the incident, the police have issued warnings regarding the risks of online investments and the common tactics used by scammers. Authorities advise the public to be cautious of promises of guaranteed returns and to verify the licensing of any investment platform.