The Limassol District Court on Saturday issued an eight-day remand order against a fifty-year-old man arrested to facilitate ongoing investigations into an alleged case of theft by a director and money laundering. The suspect, who had fled abroad, was located and apprehended under a European Arrest Warrant before being extradited back to Cyprus on Friday.
According to evidence currently being evaluated by investigators, the suspect is allegedly implicated in the theft of approximately €800,000 from a company based in Limassol.
Multi-year investigation
The illicit financial activities and misappropriation of corporate funds reportedly took place over a three-year period, specifically between the years 2016 and 2019.
Following the detection of the financial deficit, Cypriot authorities initiated international tracking procedures, which culminated in his arrest by foreign law enforcement agencies. Upon his arrival at Larnaca Airport yesterday, local officers immediately executed the pending domestic judicial arrest warrant.
The Limassol Criminal Investigation Department (CID) is continuing its full investigations into the financial transactions and the final destination of the stolen capital.
