Larnaca businessman arrested in connection with 12 million euro fraud

On July 28, 2026, authorities in Larnaca arrested a 62-year-old Greek Cypriot businessman, identified in some reports as Savvas Kakos, following numerous complaints from investors. The suspect, a prominent land developer, is under investigation for 11 cases involving alleged offences committed between 2022 and 2024. These charges include conspiracy to commit a felony, obtaining money by false pretenses, forgery, money laundering, and fraudulent property transactions, with the total misappropriated amount estimated at approximately 12 million euros.

Police reports suggest the suspect allegedly secured funds from foreign investors, including Israeli nationals, for residential and commercial developments that were never completed. The investigation focuses on claims that purchase agreements were withdrawn after payments were made. Notably, the suspect is currently a prosecution witness in high-profile "golden passport" citizenship cases, including those involving a former Transport Minister.

Following his appearance before the Larnaca District Court on July 29, 2026, the businessman was remanded in custody for four days. During the court session, it was reported that the suspect denied the allegations. The Criminal Investigation Department (CID) continues to examine the evidence as the case proceeds.