The company behind plans for a new cooperative bank in Cyprus has reported an attempted online scam to police, after discovering fake websites and social media accounts claiming to help people buy its shares. 

The Pancyprian Cooperative Society for Participation and Promotion of Cooperativism said the unauthorised sites and profiles were presenting themselves as sources of support for people seeking online access to its ongoing share offering. 

It warned that no individual, company or other third party has been authorised to act on its behalf, mediate transactions or provide assistance to prospective members. 

The company identified its official website as its only corporate website, while applications to become a member and purchase shares are made exclusively through its dedicated share platform. The two official sites were independently accessible on Monday.  

The warning comes while the company is raising capital as part of its plans to establish a new cooperative credit institution in Cyprus. Its prospectus was approved by the Cyprus Securities and Exchange Commission (CySEC) on July 8, while the public offer opened on July 22 and is due to run until November 17.  

The offering covers up to 42 million new shares, with a nominal value of €1 each. The minimum investment through the online platform is €100.  

CySEC approval of the prospectus does not amount to an endorsement of the shares themselves, while the proposed bank would still need the necessary regulatory licences before it could begin operating.  

The company urged members of the public to be particularly cautious when encountering online pages or profiles claiming to represent the initiative. 

People should avoid providing personal or financial information through unofficial sources and should verify any communication before proceeding with a share purchase, it added. 

Anyone seeking confirmation or assistance was advised to use the company’s own channels. The support numbers listed in Monday’s warning are 97913011, 97913012, 97913013 and 97913014, while enquiries can also be sent to [email protected]. 

The police complaint follows the discovery of the fake online material, which the company described as an attempt to mislead and defraud members of the public interested in its share offering.