Greek Cypriot man arrested for operating the pyramid scheme and defrauding people with 'Metamax'

A 54-year-old Greek Cypriot man has been arrested and detained by the police in Cyprus (south) on suspicion of operating a pyramid scheme called Metamax.

The man who is from Limassol and a former police officer was arrested on Friday night and was taken to a court in Cyprus on Saturday on charges of accused of conspiracy to commit a felony, obtaining money by false pretenses, and of having laundered the money he obtained.

His victims include approximately 15,000 individuals from Cyprus, Greece, and abroad. During interrogation, he claimed that he and his family had received threats from individuals associated with the pyramid scheme, expressing fears for their safety. The suspect denies any involvement and refutes claims of a leadership role.

15 complaints have been made island-wide regarding the pyramid scheme fraud, with another 100 statements expected. Investigations will proceed with Interpol’s assistance.

The suspect’s lawyer asserted his client’s innocence, stating that he considers himself a victim and has been unfairly targeted as the mastermind by the media. The lawyer noted that the company is headquartered in Canada and the Philippines, distancing his client from the case.

He was sent to prison for 8 days.

Police believe the offences were committed between April and June this year and were related to a pyramid scheme which went by the name “Metamax”. The man reportedly presented himself as “the leader of Metamax Cyprus”.

People were invited to invest in Metamax after receiving a password, and 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 withdraw the money they invested.

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.

The Limassol police’s financial crimes investigation department’s investigation into the matter is ongoing.