Retired Police Officer Arrested in Connection with Metamax Pyramid Scheme
Retired Police Officer Arrested in Connection with Metamax Pyramid Scheme in Southern Cyprus
A 63-year-old retired police officer has been arrested in connection with the “Metamax” pyramid scheme, following the earlier arrest of a 54-year-old former police officer. The Limassol District Court has issued an additional eight-day detention order for the retired officer on the same day.
On Saturday, authorities also arrested a 48-year-old man, bringing the total number of arrests to three.
According to Greek Cypriot press reports, the arrested individuals are believed to be leaders of the Metamax pyramid scheme in Southern Cyprus. The retired police officer is particularly noted for convincing individuals to join the scheme with promises of earning 3,000 Euros per day.
The investigation into the Metamax scheme has been intensified, with authorities conducting inquiries into banks and cryptocurrency exchanges.
Pyramid schemes like Metamax typically deceive people with promises of quick wealth and are generally illegal. The operations carried out in Southern Cyprus to combat such activities represent a significant step in the fight against financial crime.
To date, 55 reports have been filed regarding Metamax, with the total amount of fraud allegations reaching 150,000 Euros.
