Pyramid scheme suspect’s remand extended

A 54-year-old man who stands accused of running a pyramid scheme had his remand extended for a further five days on Saturday.

Police believe the man had a “leading role” in the pyramid scheme, which went by the name “Metamax”, and that he held online meetings in which he attempted to convince others to invest money in the scheme.

The court heard on Sunday that the man had travelled to the Philippines to attend a conference on Metamax. However, the man maintains that the conference never took place and that his life was “in immediate danger” while in the Philippines.

A total of 55 people have now filed complaints over the scheme, with more than €150,000 reportedly having been stolen.

The man’s lawyers hit out at the media on Thursday, claiming that newspapers and news websites alike had acted in an “immoral” fashion while reporting on the story.

They said the media should have allowed for “both sides” to have their stories heard equally, and the media’s behaviour in relation to the case amounts to a “flagrant violation of our client’s right to a fair trial”.

This is the case, they said, as “society now believes that our client is Metamax”.

“The position of one side has been given unlimited space to be completely presented to the public, while the position of our client has been given zero space to be heard. Those positions have been emphatically expressed in recent days,” they added.

As the letter drew to a close, they then said that if the media do not publish their positions, “our client will consider that [they] are contributing to the continuation of the hostile climate against him”.

The man had been initially arrested on July 5 and was initially remanded in custody for eight days on July 6, accused of conspiracy to commit a felony, obtaining money by false pretences, and of having laundered the money he obtained.

Meanwhile, a 48-year-old man was arrested on Saturday in connection with the same pyramid scheme, and police are still looking for a 63-year-old man, who is reportedly a retired police officer.

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.