Paphos police are investigating after a 49-year-old man said he lost €28,000 to an online scam.

The complainant and his business partners deposited the money in a bank in Spain with the aim of getting a €3m loan to start their own company, Paphos police spokesman Michalis Ioannou told the Cyprus News Agency.

They received instructions from a Spanish man who told them the money would cover expenses for the loan. The initial deposit amounted to €25,500 and an additional deposit of €2,500 was made later.

It was later proven to be a scam, Ioannou said.

Spain’s National Central Bureau (NCB) will also be required to contribute to Paphos CID investigations.