Larnaca businessman arrested over fraud allegations

A prominent Larnaca-based businessman, long active in the land development sector, was arrested on Tuesday following a series of complaints from investors. The local Criminal Investigation Department (CID) took action after receiving numerous reports alleging financial irregularities and fraud, primarily targeting foreign investors. The suspect is expected to appear before the Larnaca District Court on Wednesday to face a request for a remand order.

Legal context indicates that the individual is currently serving as a prosecution witness in several high-profile citizenship-by-investment cases, including those involving former Transport Minister Marios Demetriades and Charis Kyriakides. Reports suggest that at least one aggrieved foreign investor had previously petitioned the President of the Republic and the Attorney General to expedite the criminal prosecution of the businessman. Investigations into the complaints are ongoing as authorities prepare to move forward with the legal proceedings tomorrow.