A Larnaca resident complained to the police on Friday that between July 24 and November 10 unknown individuals had managed to scam him out of €50,000.

According to the complaint, the scammers presented themselves as stockbrokers working for a company in the US.

The police said they convinced the man that they would guide him to profitable investments in cryptocurrency through an online platform and that he would be able to monitor his investment and profits through a specific app.

On seven occasions between July 24 and October 27, he sent a total of €50,000 to various accounts abroad.

In early November, while attempting to withdraw his profits, he was asked to pay an additional fee.

He then realised he had been scammed.

Police investigations are ongoing.