Police have referred a multi-million euro fraud complaint against a Greek Cypriot businessman to its Crime Combating Department (CCD), signalling an intensification of the investigation.
The case initially reported to Larnaca Police in early September, involves allegations of a €3 million fraud targeting Israeli investors in a property development scheme.
Due to the complexity of the case, the complaint and accompanying evidence have been transferred to the CCD, police sources said.
According to the complainants, the businessman, active in real estate, allegedly obtained funds from Israeli investors under false pretences for a land purchase in Larnaca that never materialised. The investors claim the money was diverted to other projects.
The fraud allegedly involved an escrow account in Israel, with funds to be released upon receipt of certificates from the Larnaca Land Registry department. The investors’ lawyer alleges these documents were forged.
The investigation centres on potential charges of forgery, circulation of forged documents, and money laundering.
Allegations include the businessman submitting and subsequently cancelling property sale documents at the Land Registry to obtain receipts for investor payments, as well as altering documents for tax purposes.
