Supreme Court upholds arrest warrants in Paphos investment fraud case

On June 15, 2026, the Supreme Court of Cyprus rejected a petition filed by two individuals seeking to cancel arrest warrants issued by the Paphos District Court. The suspects are under investigation for fraud, forgery, money laundering, and conspiracy related to activities occurring between 2015 and 2017. The case involves an alleged investment scheme connected to FOREX transactions, which reportedly defrauded a retired lawyer living in the Paphos district of 698,888 dollars. Authorities claim the suspects provided a fraudulent certificate of funds totaling 38 million dollars. Although the suspects resided in Cyprus during the period of the alleged crimes, they were living in England when the warrants were issued in February 2026. The warrants were executed at Larnaca Airport in April 2026 upon the suspects' arrival. The victim had previously obtained a judgment from an English court for 720,000 pounds in damages, which is currently subject to an appeal.