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In a significant move against financial crime, the Criminal Court in Larnaca has handed down tough sentences to two men involved in an elaborate scheme of extortion, embezzlement, and money laundering. On November 28, 2024, a 30-year-old man was sentenced to 7 years in prison, while a 56-year-old accomplice received a 2.5-year sentence. In addition to the prison terms, the court ordered the confiscation of two luxury vehicles worth €70,000, which were purchased using illicit funds.
The case began with a complaint lodged in July 2022, when a company representative reported that one of its employees had embezzled €511,890 over a period of three years. As investigators delved into the financial details, it became clear that the 30-year-old and the 56-year-old had used threats and false promises to extract money from the company’s employee, under the pretense of collecting debts owed to the company. Their fraudulent activities also involved funneling the stolen funds into purchasing valuable assets.
The investigation, led by the Larnaca Criminal Investigation Unit (TAE), uncovered a web of criminal activity, culminating in the two men’s arrest in July 2022. After spending time in detention, the case went to trial, where the defendants were found guilty on multiple charges.
This case highlights Cyprus’ ongoing crackdown on financial crimes and its commitment to holding individuals accountable for activities that damage both businesses and the economy. The court’s swift action and the significant penalties handed down demonstrate the island's determination to tackle such criminal enterprises head-on.
