A criminal case file, the content of which causes a sensation due to its political -and not only- implications, has been in the Legal Service since last summer. It includes evidence collected by the investigative team of the Crime Prevention Department of the Police Headquarters, in the context of investigations for accountability about the controversial Cyprus Investment Program.
The file had been forwarded to the Legal Service by early July, and the report, signed by a police official, recommends criminal charges against the director of a well-known law firm, lawyers, and employees of the law firm in question.
The law firm has carried out a few dozen naturalizations and is in the interests of a well-known political figure, the same reliable information provided to Phileleftheros. Even if the politician himself is not involved, nevertheless the fact of the involvement of a corporate entity of his interests is something that cannot go unnoticed and probably already has side effects.
The term of €5 million
However, the case is also important because of the nature of the alleged illegality. More specifically, a foreign investor allegedly deposited the sum of €5 million with a Cypriot banking institution to meet the financial criteria of the Cyprus Investment Program (CIP). However, this condition was fulfilled in such a way that the applicant for Cypriot citizenship did not have any financial costs.
The investment was made under one of the naturalization programs implemented by the previous government and was valid from 24/05/2013 until 18/3/2014. According to its provisions, to obtain a Cypriot passport, the investor had to have “personal deposits in banks, or companies, trusts, €5 million, regular term, three years”.
Although in the present case, the investor deposited the above amount to satisfy the conditions of his naturalization, he nevertheless received it back in the form of a loan of the same amount from the same banking institution. In simple terms, the findings of the police investigators show that he deposited the amount and subsequently got it back in the form of a loan.
The evidence secured by the investigators of the Headquarters Anti-Crime Squad seems to indicate the route of the money. However, for the time being, the case has not been registered in a Criminal Court, as it is still being handled by the Legal Department.
