Cyprus: 60-Year-Old Man Loses Over €65,000 in Investment and Recovery Scams

A 60-year-old man in Paphos, Cyprus, lost over €65,000 in a two-stage scam: first losing €51,326 in an online investment fraud, then losing an additional €14,000 to a recovery scammer who promised to return his money. Police have warned the public to exercise caution with online investments and only deal with authorized financial companies.

How Online Investment Fraud Works

In this case, the victim was contacted in early June through a messaging app by an unknown Russian-speaking woman who offered investment opportunities in stocks related to oil, gold, and other metals. Following her instructions, the victim clicked on a link sent via the messaging app and created a profile on an unverified website. Between June 9 and July 29, the victim transferred a total of €51,326 to overseas bank accounts provided by the woman. After the promised investment showed substantial profits on the fraudulent website, the victim tried to contact the woman to withdraw funds but received no response, realizing he had been deceived.

Warning Signs of Investment Fraud

An unknown person suddenly proposes investment opportunities via messaging apps
You are directed to click links leading to unfamiliar websites
Investment accounts display profits, but funds actually flow to scammers' accounts
Contact cannot be established when attempting to verify profits or withdraw funds
Pressure to invest quickly without time for due diligence

How "Recovery Scams" Work (Secondary Victimization)

After realizing the investment scam, the victim fell victim to a second fraud. On August 3, another unknown person contacted him via messaging app claiming to work for a company specializing in recovering funds lost to online fraud. The scammer promised a refund of €280,000 and requested an additional €14,000 between August 3-31, citing fees, insurance, and taxes. When the promised refund never arrived, the victim realized he had been defrauded twice.

Warning Signs of Recovery Scams

Contact from a "recovery service" arrives shortly after your initial fraud discovery
Promised refunds significantly exceed the original losses
Additional payments are requested under the names of fees, insurance, or taxes
The recovery company's official registration cannot be verified
Payments are only accepted via overseas bank transfers
Urgency or pressure is applied to make quick transfers

Prevention and Protection Tips

Verify Authorization: Before investing, always verify that the company is properly authorized by financial regulatory authorities. In Cyprus, you can check with the Cyprus Securities and Exchange Commission (CySEC) website.
Be Skeptical of Unsolicited Offers: Investment proposals from unknown people through messaging apps or social media are highly likely to be fraudulent.
Avoid Clicking Unknown Links: Never click links provided by unknown sources, especially those claiming to lead to investment platforms.
Beware of Recovery Services: After falling victim to fraud, if a "recovery service" contacts you, it is likely another scam. Do not send additional money for recovery fees.
Seek Advice: Before taking action on investment opportunities or refund offers, consult with trusted family members, friends, or a legitimate financial advisor.
Report to Authorities: If you experience investment fraud, report it to the Cyprus Police and contact the financial regulatory authority (CySEC).

Where to Report

Report fraud cases to Cyprus Police immediately. You can also contact CySEC or local consumer protection agencies for further assistance and guidance.