Police investigate online fraud involving over 135,000 Euros

The police are investigating a new case of online fraud and embezzlement amounting to more than 135,000 Euros, following a complaint filed by a 58-year-old man.

According to the complaint, the 58-year-old man discovered an advertisement last December on a social networking platform. The advertisement promoted a company purportedly based in a foreign country, claiming it would enter the stock market within two to three years, promising financial profits. After contacting the advertisers, the man was convinced to buy shares in the company and transferred 26,000 Euros to a bank account specified by the suspects, located in a second foreign country.

Subsequently, the man transferred an additional 110,350 Euros to another bank account provided by the suspects, this time in a third foreign country. These transfers were for shares in a second company, also claimed to be going public soon with the promise of substantial profits.

However, after the promised period passed and no profits were received by April, the 58-year-old became suspicious. The suspects continued to ask for more money using various pretexts, leading him to believe he had been defrauded. He then filed a complaint with the police.

The Limassol CID is investigating the case.