Police arrested a well-known Larnaca businessman early Tuesday afternoon on suspicion of defrauding investors, most of them foreign nationals, who filed complaints with the local Criminal Investigation Department (CID). The suspect is a 62-year-old man living in Larnaca.
Police sources said the complaints are numerous and have been filed with Larnaca CID over an extended period, as the department continues its investigation. The suspect, who has worked in land development for years, is expected to appear before Larnaca District Court tomorrow for a remand order.
The man also serves as a prosecution witness in citizenship-for-investment cases, according to police sources.
Police said he was arrested in connection with the following offences under investigation: conspiracy to commit a felony; obtaining money by false pretences; drawing up documents without authority; forgery; uttering a forged document; fraudulent dealing with property belonging to another; fraud in the sale of property; falsification of accounts with intent to defraud by a company director; defrauding creditors; and money laundering. The offences are alleged to have been committed in Larnaca between 2022 and 2024.
According to a report by the Reporter website, one of the foreign investors alleging fraud had recently asked the President of the Republic and the Attorney General to intervene to secure the businessman’s prosecution.
Larnaca CID is investigating the case.
