A FORMER Newport man is under arrest in Cyprus amid claims he has swindled hundreds of thousands of pounds from would-be investors.

And Gwent Police have now launched their own investigation into allegations made here about former Rhiwderin man Gregory Sydenham.

He was arrested by police in Cyprus after they received complaints from people claiming they had been duped into investing their money in a company abroad.

The 48-year-old who changed his name from Gregory Tokkallos in 2000, has been charged with seven counts including forgery, money laundering and fraud against three alleged victims. He appeared before Limassol District Court yesterday and was remanded in custody.

His case was referred to a criminal court on Monday when magistrates will decide whether he will be released on bail until his trial starts on February 19.

A Cypriot police spokesman said: "New allegations against him from 15 more individuals will now have to be examined."

Gwent Police say that since his arrest in Cyprus, they have been contacted by people in Gwent who also claim he has duped them out of money.

One alleged victim, from Bassaleg, told the Argus he invested "hundreds of thousands of pounds" with Sydenham, who claimed he was investing it in a company in the Isle of Man.

And a pensioner from Rhiwderin handed over £40,000 to Sydenham - a former paper boy in the village who has also used the name Sydenham-Hutt - to invest, as he had known him for 29 years. The pensioner told the Argus: "I kept on ringing him and didn't get an answer, so I e-mailed him but he didn't reply."

It is believed that Sydenham moved to Cyprus with his family in 1994.

Gwent Police are appealing for anyone else who has had dealings with Sydenham to come forward.

Detective Constable Dave Palmer said: "To identify alleged victims either relies on him to tell us or on people coming forward. Some people may not realise - as the interest from their investment may not be due yet."

Sydenham denies full responsibility for the investors' losses. Sergeant Lefteris Kyriakou, of Limassol financial fraud unit, said: "People are still coming forward but it's a complicated case as it involves collecting evidence from Cyprus and abroad."

Anyone who has had dealings with Sydenham is asked to call DC Palmer on 01633 245353.