The Cyprus Consumers Association has issued a warning about fraudulent investment schemes that promise very high profits in an extremely short period, including claims of significant earnings within a single day.

In its announcement, the association explained that these fraudulent programmes typically require individuals to deposit a minimum amount of around €250.

Citizens are then presented with an indicative table showing the expected profits from their “investment.”

The announcement also pointed out that scammers use fake news and doctored photographs of well-known political and public figures who appear to endorse or encourage participation in these fraudulent investment programmes.

According to the Cyprus Consumers Association, “there is evidence and video footage where the names of the president Nikos Christodoulides, former Disy president Averof Neophytou, former Finance Minister Finance Harris Georgiades, journalist Katerina Agapitou, and Cypriot entrepreneur Sir Stelios Haji-Ioannou were illegally used”.

The association also stated that “there are certainly other well-known names whose photographs have also been unlawfully used to deceive consumers.”

It further revealed that the investment platforms currently known to be involved in deceiving consumers include SectorCapitals, EasyProfit, and FortuixAgent.

“There are certainly others,” the association stressed.

In an effort to protect consumers, the Cyprus Consumers Association urged those who have already participated in such schemes to send their details to the association.

Consumers can use the following email address [email protected].

“The goal of the Cyprus Consumers Association is to find a way to recover these funds or at the very least prevent further deception of other consumers,” the statement underlined.

“Depending on the number of affected consumers, the possibility of appealing to competent bodies of the European Union for assistance will be examined,” the association said.

“Certainly, this deception is not limited to Cyprus but is also occurring across Europe,” the statement added.

Finally, the association urged consumers not to trust these types of investment schemes, warning that they will lose their money.