According to Greek Cypriot police, from the start of the year until Thursday, the woman, who owns a travel agency in Aradippou, had booked holidays for dozens of people, asking them to pay the whole cost of the package to her in advance.
However, she paid only a small deposit to book the vacations and pocketed the rest of the money.
About 15 people visited Aradippou police station on Thursday to report the case but many more called in the evening on the same issue and are expected to file a complaint on Friday.
Police have issued an arrest warrant.
Cyprus Mail