Real estate developer Savvas Kakos arrested in Larnaca over fraud allegations

Savvas Kakos, a 62-year-old real estate developer, was arrested in Larnaca on July 28, 2026, on suspicion of serious financial crimes involving 11 distinct cases. Following his appearance in the Larnaca District Court, a judge ordered his detention for four days to facilitate the ongoing investigation. Authorities are probing allegations that Kakos engaged in fraudulent land development schemes between 2022 and 2024, resulting in a total estimated loss of €12 million.

Investigated charges against the businessman include conspiracy to commit a felony, obtaining money by false pretenses, forgery, money laundering, and fraudulent real estate transactions. Police report that these cases involve multiple complainants, including international investors, who allege that property sale contracts submitted to the land registry were later withdrawn after funds were transferred. One specific case involves a foreign businessman who filed a complaint in August 2024, alleging that investments provided to Kakos's companies were misappropriated.

Legal proceedings are ongoing, with the defense contesting the accusations presented by the prosecution. If convicted, the suspect faces a potential prison sentence of up to 14 years. The investigation, led by the Larnaca Criminal Investigation Department, continues as authorities examine the evidence and financial discrepancies.