Police arrested two men to facilitate investigations into an alleged scam that cost two men €55,000, philenews reported on Friday.
It said that between Wednesday and Thursday, police arrested two 63 year olds, who are facing charges of conspiracy to commit a crime, acquiring money under false pretences and counterfeit.
On Wednesday, a 46 year old man told police that he was scammed out of €50,000, between September 2018-May 2019, by the two suspects, who told him that they needed money in order to acquire a loan from a bank abroad to start a company.
He said that he found that it was a scam after he contacted the bank who told him that the suspects never submitted a loan application.
Also on Wednesday, a 49 year old told police that the same men scammed him out of €5,000 on the same pretext.
A 63 year old Greek Cypriot was arrested on Wednesday night in connection with a case and has been remanded in custody for eight days.
Another 63 year old Greek Cypriot was arrested on Thursday afternoon.
Police are continuing investigations.