Over the past five years, Cyprus has found itself at the center of an international phenomenon involving telephone investment scams, which have led to significant financial losses for unsuspecting citizens. The perpetrators operate through organized networks with call centers based both in Cyprus and abroad, posing as investment advisors, bank employees, or representatives of regulatory authorities.
Victims are contacted by phone and presented with supposed “investment opportunities” in markets such as cryptocurrencies, Forex platforms, or real estate. The scammers use professionally designed websites, fake licenses, and manipulation techniques to gain trust and extract funds. Often, the websites are temporarily operational and display fake profits to create an illusion of credibility.
According to recent investigations by Europol and Eurojust, dozens of platforms operated from Cyprus have defrauded thousands of people worldwide, extracting hundreds of millions of euros. In a specific operation supported by European authorities, a network was uncovered that had deceived more than 26,000 investors, with losses exceeding €230 million.
The scam techniques include phone calls from “Cypriot” or foreign numbers using spoofing technologies, deepfake videos featuring politicians or celebrities promoting the alleged investments, fake portals showing supposed returns, requests for additional funds under the pretense of tax or withdrawal fees, and sudden termination of communication once the scam is complete.
The Financial Crime Investigation Department of the Cyprus Police has received dozens of official complaints. At the same time, the Cyprus Securities and Exchange Commission (CySEC) has issued warnings against unauthorized investment platforms, urging citizens to be particularly cautious and verify any offers through official registries.
We have already successfully handled numerous such cases. Thanks to our team’s expertise in the financial sector, we have recovered significant amounts for victims of telephone investment scams. Our approach includes immediate legal intervention and reporting to the relevant authorities, freezing of bank accounts and securing injunctions, as well as pursuing civil and criminal proceedings before the competent courts.
Our experience shows that timely legal action can significantly increase the chances of recovering lost funds, especially when the report is made at an early stage.
Telephone investment scams in Cyprus are no longer isolated incidents, but part of a global criminal strategy with serious social and economic consequences. Protecting citizens requires immediate awareness, legal guidance, and effective collaboration with the authorities.
Our firm, Demetriou & Demetriou, remains at the disposal of anyone who has fallen victim to investment fraud, offering high-level legal representation aimed at recovering funds and delivering justice.