News Local Updated: One arrest as police probe $92m fraud, money laundering case

Updated: One arrest as police probe $92m fraud, money laundering case

A 42 year old man arrested in Budapest under a European arrest warrant and handed over to Cypriot authrities was remanded in custody for seven days by Nicosia district court on Thursday as part of an investigation into a case of conspiracy to defraud, fraud and theft by company managers and money laundering.

Another four arrest warrants are pending in the same case.

Police did not give the man’s nationality, but reports said he is a Ukrainian national.

Cyprus police financial crime squad is investigating the above offences allegedly committed against a Cypriot company between 2011 and 2012 in Cyprus, Ukraine, Switzerland and the British Virgin Islands.

Police added that people running the company had bought shares for a much higher price than their actual worth, managing in seven instances to take a total of $92 m US  from the company’s accounts in Cyprus and Switzerland.

Investigations continue.

 

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