Police have seized €545,000 in a money laundering investigation involving a convicted criminal and several other suspects accused of handling large sums from illegal activities.
Police discovered €238,000 in a safety deposit box belonging to a 37-year-old businesswoman and socialite, adding to €307,000 found earlier in the investigation.
Authorities are also examining the accounting records of a jewellery shop and other businesses that showed unexplained excessive profits.
The developments emerged during proceedings to extend the detention of three of six suspects – the businesswoman’s father, mother and brother – at Nicosia District Court on Thursday.
A significant development in the case involves an apparent rift between the convicted criminal and the family. During testimony by investigating officer Sergeant Makis Nicolaou from police headquarters, the court heard that examination of the mother’s mobile phone revealed her daughter had informed her that the convict wanted his money back due to disagreements between them.
The family’s lawyer, Elias Stefanou, indicated a desire to separate his clients’ case from the others. The investigator clarified that initial information suggesting the money came from drugs, protection rackets and betting agencies now appears to lack evidence regarding drug trafficking.
Charges and timeline
The three suspects face charges including conspiracy to commit felonies and misdemeanours, violations of corruption prevention laws, illegal possession of property, and breaches of anti-money laundering legislation.
The alleged offences occurred between 1 January 2025 and the present within the Republic of Cyprus.
Initial intelligence suggested the convicted criminal sent approximately €50,000 weekly to the 37-year-old woman, with whom he maintains a relationship.
The money allegedly came from drug trafficking, protection rackets and gambling operations. An informant reported that nearly one million euros had been collected in recent months, with the businesswoman distributing funds across five locations including residential properties and a jewellery shop.
Family responses
A painting the convicted criminal had given to the businesswoman’s mother was valued at €2,000, the court heard. The convict communicated with the businesswoman and a third suspect through video calls, messages and various applications.
The parents and brother exercised their right to silence but acknowledged that money found in their homes belonged to the 37-year-old woman.
Regarding €83,000 found in a travel bag at the brother’s flat, he said the businesswoman had brought it there using her key to his apartment without telling him anything.
The father stated his daughter had a relationship with a convict but denied any personal communication with him. He claimed knowledge that the money came from petrol station and betting agency revenues.
The mother said she only knew the convict gave expensive gifts to her daughter and was unaware of illegal activities. She understood he owned a betting agency and petrol station.
Financial investigation
Sergeant Nicolaou reported that an accounting audit revealed the businesswoman’s institute had unexplained income. Police seized two computers and accounting documents from the family’s jewellery shop for examination.
Authorities plan to examine nightclub establishments to determine if revenues are connected to the case. The convicted criminal denied owning betting agencies or petrol stations, contradicting the parents’ claims.
Defence lawyer Stefanou argued that his clients had simply relayed information they received and questioned whether the convict was properly asked about these businesses.
Evidence and testimony
Police have taken 41 statements and expect to collect 63 more, leading to the request for an eight-day extension of detention for the three suspects. The defence objected to the police request.
Stefanou noted that interrogation questions focused on protection rackets without mentioning gambling or drugs. Nicolaou responded that the money came from “illegal activities” and that he did not participate in the interrogation process.
When asked how drugs were excluded from investigations, the investigator said they were not excluded but no evidence was found. Current evidence relates to gambling and protection activities.
The court granted the eight-day detention extension after hearing both sides. The detention orders for the convicted criminal, the 37-year-old businesswoman and a 40-year-old suspect expire on Saturday, with police expected to request their renewal given the substantial investigative work remaining.
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