Limassol police have cracked down on a suspected money laundering operation allegedly disguised as a legitimate art gallery.
Authorities initiated the probe after receiving a tip-off suggesting a specific Limassol art gallery was functioning as a front for illicit activity.
Investigators suspect a 41-year-old gallery co-owner, also a co-owner of 20 restaurants across Cyprus, used the establishment to launder significant sums of money.
The alleged scheme reportedly involved receiving large amounts of cash, believed to be proceeds from criminal enterprises, and returning laundered funds to clients after taking a commission.
Investigators suspect the laundered money originated from various sources, highlighting the potential reach of the operation.
According to reports, the laundering process involved a specially equipped van containing a money-counting machine.
The van, allegedly staffed by a driver, security guard, and a facilitator – all Russian nationals – facilitated client exchanges.
Clients reportedly used a code system to access their laundered funds, adding another layer of secrecy to the operation.
Following days of surveillance, police raided the gallery and detained the businessman after observing a suspicious exchange involving his 34-year-old accomplice.
The accomplice, who claims to have acted solely as a courier, was found carrying envelopes containing a total of €161,425.
A further €706,300, US$22,539, and £1,375 were seized from the gallery itself, along with two money counting machines, bolstering the money laundering suspicions.
The businessman maintains his innocence, claiming the seized cash represents legitimate income from his restaurants and past cryptocurrency sales.
However, authorities remain sceptical due to his inability to provide concrete details about cryptocurrency transactions. He further claims the envelopes found with his accomplice were for legitimate business expenses related to the restaurants.
Both men were remanded in custody for eight days by Limassol District Court.
The investigation is ongoing, with police likely to delve deeper into the financial records of the gallery and the restaurants, as well as trace potential connections to a wider criminal network.
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