A 54-year-old man from Limassol was arrested on Friday night on suspicion of having operated a pyramid scheme.
He is expected to appear in court on Saturday, accused of conspiracy to commit a felony, obtaining money by false pretences, and of having laundered the money he obtained.
Police believe the offences were committed between April and June this year.
Their investigation began following complaints filed in the Limassol, Larnaca, Nicosia, and Paphos districts from people who said they had fallen victim to a pyramid scheme.
The complainants said an “online investment platform” to which they had signed up and in which they had invested money had “gone down”, with no recourse for them to withdraw the money they had invested.
The 54-year-old was determined to be a suspect and was apprehended on Friday night.
The Limassol police’s financial crimes investigation department’s investigation into the matter is ongoing.
