NewsLocalTwo suspects arrested for fraud and embezzlement case

Two suspects arrested for fraud and embezzlement case

Police have arrested two individuals in connection with an investigated case of fraud and embezzlement, Philenews reported on Tuesday.

The suspects are a 51-year-old male and a 22-year-old female, and have been taken into custody pending further investigations by Nicosia CID’s Financial Crime Unit.

Judicial arrest and search warrants have been issued to both suspects’ residences and after searches, evidence was collected and being examined.

The two suspects are being investigated for numerous crimes including money laundering, and conspiracy to commit a felony and a misdemeanor.

Between June and July 2022, the suspects are believed to have defrauded a large amount of people and have extracted a sum of money totaling to 15,000 euros.

The money extracted by fraud was deposited through remittances to bank accounts in Cyprus as well as abroad, insiders said.

Sums of money were found in separate accounts of the joint company of the 51-year-old and the 22-year-old but some was also found in the man’s personal account.


by Daphne Stavrides

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