Cyprus police investigate two cryptocurrency investment scams

Cyprus Police are investigating two separate online investment fraud cases involving cryptocurrency. A 72-year-old man from Nicosia and a 39-year-old man from Paphos reported losing significant sums of money after interacting with fake online investment platforms. In the first case, the 72-year-old was defrauded of €48,500 after being lured by online advertisements and persistent contact from a fake financial advisor. He installed remote access software, allowing the suspect to transfer money from his bank account, including an initial €250 bait transaction that was returned to appear legitimate. The scam was only discovered when a relative checked the validity of the platform. In the second case, the 39-year-old victim transferred €12,448 in cryptocurrency and granted remote access to his computer after being pressured by a person posing as a platform associate. When he attempted to withdraw profits, the scammers demanded additional fees before he realized he was being defrauded. Both victims were targeted by individuals who promised high returns and utilized remote access to drain their assets.