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12° Nicosia,
27 May, 2024
 

Limassol gallery faces alleged money laundering probe

Police forward case to legal authorities; suspects released pending further investigations

Newsroom

The case file regarding alleged money laundering at a Limassol gallery was transferred to the Legal Service today, with two suspects released pending further investigations.

Police sources disclosed that the Limassol CID awaits guidance from the Legal Service to review the case file and investigative efforts conducted thus far.

The two suspects, aged 41 and 34, who had been held since March 14, were released yesterday as inquiries continue. According to sources, significant investigative work remains regarding their claims about the money's origins.

The gallery came under police surveillance following reports suggesting it served as a "front" for money laundering, with the 41-year-old Russian co-owner purportedly engaged in unauthorized currency exchange transactions for a fee.

Upon stopping the 34-year-old suspect from leaving the gallery, police discovered 17 envelopes containing €161,425 in his possession. Subsequent searches at the gallery uncovered €706,300, 22,539 US dollars, 1,375 pounds sterling, and other items.

The 41-year-old asserted the money was tied to his restaurant businesses and a home purchase deposit, while the 34-year-old initially claimed to be working for him but later retracted, stating he received compensation for his services.

Police have enlisted the Anti-Cover-Up Offences Unit to probe potential links to illegal activities.

Source: CNA

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