The complaint was recently filed at Larnaca CID by the 64-year-old who claimed that a 66-year-old fellow Briton from Mazotos and a 70-year-old Cypriot man from Limassol were behind the scam which he says took place between 2012 and 2013.
The man claims that the duo had duped him into buying various shares at a cost of €140,000 with the promise that they would yield him a return of around €29million.
He also told police that he had transferred money from his bank account in Cyprus to an account in the UK belonging to the 70-year-old Cypriot man.
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In April this year, the 64-year-old demanded his money back and the documentation concerning his shares but the 70-year-old said that there was a problem with his account because it had been frozen.
According to his statement, he then produced what he says was a false writ from the Limassol District Court ordering the sum of €89m to be paid into the same account belonging to the 70-year-old.
An arrest warrant has been issued against the 70-year-old man and 66-year-old Briton and they are currently wanted on charges relating to conspiracy to commit a crime, obtaining money under false pretenses, fraud and circulating forged documents.
A Cyprus police official told In-Cyprus.com that they cannot give any further details about the two men wanted for questioning.
Larnaca CID are still investigating.