Paphos man linked to pyramid scheme remanded

Police arrested a 48-year-old man on Saturday who was wanted in connection with the ‘Metamax’ pyramid scheme fraud.

The man, from Paphos was named by two individuals who claimed he scammed them.

He appeared in court later on Saturday, where he was remanded for six days.

A 54-year-old was arrested on July 5 in connection with the scam and is already serving out an eight-day remand.

A 63-year-old retired police officer is still wanted for the case.

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.