A 25-year-old man has been arrested after a 43-year-old reported being defrauded out of €200,000 in an alleged cryptocurrency scam, police said on Wednesday.

According to Limassol police, on February 21 the two men, who had worked together in the past, made an agreement wherein the 43-year-old would pay €200,000 for a certain amount in a cryptocurrency.

The two met at a house in Governor’s Beach, in the presence of a friend of the complainant, who handed the suspect a bag of cash.

However, according to the complaint, the suspect allegedly stated that due to a problem with his cell phone, he was unable to send the codes to transfer the cryptocurrency and that he would do so later from his computer.

Due to the consistency that existed in their previous transactions, the 43-year-old left the site, however he never received the codes, with the 25-year-old denying that he received the €200,000.

A court warrant was obtained against the suspect, under which he was arrested in the early morning hours of Wednesday in Larnaca and taken to the Limassol police headquarters.

The suspect allegedly denies any involvement in the case.