Larnaca businessman arrested over €12 million fraud allegations

A 62-year-old businessman, identified by media as Savvas Kakos, was arrested in Larnaca on July 28, 2026, following numerous complaints from investors. Authorities are investigating 11 cases of alleged fraud, forgery, money laundering, and conspiracy to commit a felony, reportedly involving a total sum of €12 million. The alleged offences took place in the Larnaca district between 2022 and 2024, involving land development projects that were never executed despite payments being made by investors, including foreign nationals.

The suspect, a former board member of a football club who is also a prosecution witness in high-profile "golden passport" citizenship cases, appeared before the Larnaca District Court on July 29. The court issued a four-day remand order to allow the Criminal Investigation Department (CID) to continue its probe. This arrest has drawn significant attention due to the suspect's previous role as a key witness in legal proceedings against a former government minister and other officials, leading to concerns regarding the impact on those ongoing trials.