A 61-year-old man from Paphos, Cyprus has lost more than €77,600 after falling victim to two separate cryptocurrency frauds — first a fake investment scheme, and later a so-called recovery scam that promised to help him get his money back. Authorities in Paphos are now investigating the case.
According to the complaint filed with the Paphos Criminal Investigation Department (CID), the scam began in mid-February when the victim came across a cryptocurrency investment advertisement on social media. After responding to the ad, he was contacted by an English-speaking woman through a mobile messaging app.
Following her instructions, the man converted €6,200 from his bank account into cryptocurrency and transferred it to a digital wallet controlled by the scammers. He was then given access to a website that appeared to show his investment growing in value.
Everything looked legitimate — until he tried to withdraw his funds.
Instead of receiving his money, he was told he needed to pay an additional €3,222 in fees before the withdrawal could be processed. Realizing something was wrong, he stopped communicating with the woman.
About a month later, the victim received another unexpected call. This time, two Greek-speaking men claimed they specialized in recovering money stolen by online fraudsters. They promised they could retrieve both his original investment and the profits it had supposedly earned.
Between March 20 and July 27, the man made a series of transfers to bank accounts abroad. Each payment was explained as a necessary charge — including administrative fees, taxes, commissions, and other costs required to “unlock” his funds.
The promised recovery never happened.
By the time the victim realized he had been deceived again, his total losses had exceeded €77,600.
The Financial Crime Unit of the Paphos CID is handling the investigation. Police are urging the public to be cautious of online investment opportunities that promise unusually high returns and to treat unsolicited offers to recover previously lost money as a major warning sign.
Authorities also advise people to:
- invest only through licensed financial firms;
- never transfer cryptocurrency to wallets provided by strangers;
- avoid paying advance “fees” to release investments or recover stolen funds;
- refuse requests for remote access to phones, computers, or banking accounts.
What is a recovery scam?
A recovery scam targets people who have already been victims of fraud. Criminals pose as lawyers, investigators, or financial recovery specialists and claim they can recover stolen money. They then demand upfront payments for taxes, legal costs, or processing fees — but no recovery ever takes place. It is one of the fastest-growing forms of follow-up financial fraud worldwide.
