Prominent Larnaca businessman arrested over financial fraud allegations

On July 28, 2026, authorities in Larnaca, Cyprus, arrested a 62-year-old local businessman following a series of complaints regarding financial irregularities. The suspect, who is active in the land development sector, is accused of committing ten distinct criminal offenses between 2022 and 2024. These allegations include conspiracy to commit a felony, obtaining money under false pretenses, forgery, circulation of forged documents, fraudulent property transactions, and money laundering.

The Criminal Investigation Department (CID) of Larnaca initiated the arrest after receiving numerous reports, primarily from foreign investors who alleged they were defrauded by the individual. One complainant had reportedly sought intervention from the President of the Republic and the Attorney General to secure the prosecution. The suspect is also identified as a key prosecution witness in ongoing trials involving the "golden passports" citizenship-by-investment program, including cases featuring former Transport Minister Marios Demetriades.

The businessman is scheduled to appear before the Larnaca District Court to face a request for a remand order. While most sources confirm a court appearance for Wednesday, one report from the Cyprus Mail suggests an appearance could occur as early as Tuesday. Investigations into the case are currently ongoing.