Pyramid scheme suspect presents himself to police

A 63-year-old man suspected of being involved in the case of cheating and extorting money from citizens who invested in the Metamax pyramid scheme, presented himself on Monday morning to CID in Limassol.

The man, reportedly a retired police officer, is expected to appear in court later in the day for a remand hearing.

During a re-remand hearing in Limassol on Sunday for another man, aged 54, who was arrested on July 5 in connection with the case, the 63-year-old was said to have had a leading role in promoting the pyramid scheme that promised big payoffs to investors.

He is facing charges of conspiracy to commit a felony, operating a pyramid scheme, and money laundering, committed between the months of October 2023 and June 2024 in Limassol, Larnaca, Paphos and Famagusta.

A third man aged 48-year-old from Paphos was remanded for six days on Saturday.

So far, 55 reports have been made in connection to Metamax, with claims of the scam reaching €150,000.

People were invited to invest in Metamax after receiving a password and were told Metamax would credit their accounts with cryptocurrencies. Investors would then receive a bonus when they referred other people.

The website was subsequently shut down, with no recourse for the victims to get back the money they invested.

The police’s investigation began following complaints filed in the Limassol, Larnaca, Nicosia, and Paphos districts from people who said they had invested in the scheme and lost their money.