Suspects in Metamax pyramid scheme case deny charges

The trial of two men accused of operating the Metamax investment pyramid scheme will begin at Limassol’s Criminal Court in south Cyprus next year as both defendants who were released on bail on Wednesday pleaded not guilty.

The two men aged 63 and 54, face charges including conspiracy to commit felony, fraud, operating a pyramid scheme, and money laundering.

They were brought to the Limassol’s Criminal Court on Wednesday where they were released on bail under strict conditions.

Prosecutors allege the defendants promoted Metamax in Cyprus, convincing citizens to invest by promising quick, substantial returns.

The 63-year-old is accused of playing a leading role in the scheme.

During today’s proceedings, the defendants pleaded not guilty to all charges brought against them.

The court set the hearing date for early January 2025.

They were banned from travelling abroad, placed on a stop-list at borders, to report to a police station three times weekly, and pay a bail bond of €20,000 each.