Two to stand trial for pyramid scheme

Two people, aged 63 and 54, will stand trial on September 12 at the criminal court in relation to the Metamax pyramid scheme on which dozens of people claimed they had been scammed out of their money.

A third suspect, 48, has been released.

The two to stand trial are believed to be those promoting Metamax in Cyprus, convincing people to invest with the promise of getting rich quick.

The 63-year-old is considered to have had a leading role.

The case was filed on Tuesday at the Limassol district court, which sent the suspects to trial before the criminal court.

The suspects face charges of conspiracy to commit fraud, promoting a pyramid scheme and money laundering.

They have been released on €20,000 bail each until their trial on condition they hand in their travel documents, be placed on the stop list and present themselves to the police three times a week.

There have been over 100 complaints so far for a total amount exceeding €220,000.