A 54-year-old man from Limassol was arrested on Friday night on suspicion of having operated a pyramid scheme.

He was remanded in custody for eight days on Saturday, accused of conspiracy to commit a felony, obtaining money by false pretences, and of having laundered the money he obtained.

Police believe the offences were committed between April and June this year and were related to a pyramid scheme which went by the name “Metamax”. The man reportedly presented himself as “the leader of Metamax Cyprus”.

People were invited to invest in Metamax after receiving a password, and Metamax would credit their accounts with cryptocurrencies. Investors would then receive a bonus when they referred other people.

The website was subsequently shut down, with no recourse for the victims to withdraw the money they invested.

The police’s investigation began following complaints filed in the Limassol, Larnaca, Nicosia, and Paphos districts from people who said they had invested in the scheme and lost their money.

The 54-year-old was determined to be a suspect and was apprehended on Friday night.

The Limassol police’s financial crimes investigation department’s investigation into the matter is ongoing.