Larnaca, Cyprus. A 62-year-old businessman was remanded for four days by Larnaca District Court on Wednesday in connection with 10 serious offences under investigation, from which he allegedly gained €12 million.
Investigation into property transactions
Police said the investigation followed complaints lodged in Larnaca between 2022 and 2024 concerning alleged payments for property developments that did not proceed.
The businessman, who is active in the property development sector, is being investigated in connection with property transactions, according to reports. Police have not released further details about the complaints or the individuals involved.
Alleged offences
The offences under investigation include conspiracy to commit a felony, extortion by false pretences, preparing documents without authority, forgery and circulating forged documents.
Police are also investigating alleged fraudulent transactions involving another person’s property, fraud in the sale of property, false accounts intended to defraud a company director, defrauding creditors and money laundering.
Defence position
The suspect’s lawyer dismissed the allegations and said his client had taken legal action over several of the disputes.
He said civil proceedings were pending and that his client had also filed complaints alleging fraud and money laundering against other individuals.
The defence also questioned the decision to issue the arrest and search warrants and said it intended to challenge them through legal proceedings.
