A company in Limassol lost €17,350 after falling victim to a financial scam carried out by individuals posing as the owners of a Saudi Arabian firm, it emerged on Tuesday.

As revealed by one of the managers of the company, which carries out pollution research for the oil and natural gas industry, the scam began with an email sent by the fictitious firm asking for payment in exchange for the Limassol-based company’s participation in a project in the United Arab Emirates.

On August 29, the Limassol-based company transferred the sum to a bank account in the UAE. However, a phone call with representatives from the real Saudi Arabian firm raised suspicions as it became evident that the account did not belong to them.

The Saudi firm also informed the managers of the Limassol-based company that no prior communication ever took place.

The Limassol cybercrime police unit has opened an investigation into the case.

The unknown perpetrators are suspected of computer fraud, financial misappropriation through deceptive means and money laundering.