60-year-old man in Paphos loses over 65,000 euros in double online investment scam

A 60-year-old man from Paphos, Cyprus, reported a major financial loss to the local police department on October 1, 2026, after falling victim to a sophisticated double online investment fraud. The victim reported that he lost a total of €65,326 between June and August 2026, believing he was investing in precious metals and oil.

In early June 2026, the victim was contacted by an unknown woman speaking Russian, who directed him to register on a fraudulent website via a link sent through a messaging app. Between June 9 and July 29, 2026, he transferred €51,326 to various foreign bank accounts. When the victim attempted to withdraw his supposed profits, contact with the woman ceased. Subsequently, on August 3, 2026, he was contacted by an unknown man who claimed to work for a company specializing in recovering lost funds. It is understood that the victim lost an additional €14,000 in this second phase of the scam.

The case is currently being investigated by the Paphos Financial Crime Investigation Office. Authorities are reviewing the details of the transactions and communication methods used by the perpetrators to track the funds and the individuals involved.