A 52-year-old man was arrested in Hania on the island of Crete on Friday on charges of swindling local businessmen.
He is said to have made a total profit of 45,000 euros from his illicit activities.
Reports said the suspect convinced businessmen that he had the right connections and that by paying him money he could secure them a loan at an attractive interest rate.
Police said his victims included two businessmen, 71 and 63, while he also attempted to swindle a 56-year-old businesswoman.
The suspect was to appear before a local prosecutor on Friday.