A Limassol company has been scammed out of $156,000 with the police on Friday issuing fresh warnings over online and financial fraud.

The case was reported to the authorities on Thursday by a 50-year-old man. He explained that the sum had been intended to be sent to a partner company abroad, but he was informed that the amount was never received.

That raised alarm bells with preliminary investigations uncovering that the email address had been falsified.

Limassol police department’s financial crime unit has taken over the investigation.

Near weekly reports of scams involving both businesses and ordinary members of the public have led to the police issuing repeated warnings.

And while it is often difficult to recover the money, police in August arrested a 55-year-old man in Spain after he was linked to accounts which scammed a 57-year-old woman in Cyprus out of €24,730.