Fraudsters scam man out of €120,000 in investment scheme

A 63-year-old man in Palanga lost €120,000 to fraudsters posing as German investment firm employees and financial regulators, Lithuanian police reported Friday.

The victim, seeking investment opportunities, was contacted by unknown individuals between October 2024 and April 2026, according to the Police Department. The scammers, who communicated in Russian, claimed to represent the German investment company VEXX and officials from the Cyprus Securities and Exchange Commission (CySEC).

A pre-trial investigation into the fraud has been launched.