Newsroom
Spanish authorities are continuing their investigations into a major international criminal network involved in human trafficking and money laundering that operated across Cyprus and several European countries, according to Cyprus Police Spokesperson Kyriaki Lambrianidou.
The network’s ringleaders, two Ukrainian-born brothers with Cypriot citizenship acquired through the controversial Cyprus Investment Program, allegedly used Cyprus as both a base of operations and a transit point for laundering illegal profits.
Coordinated Crackdown Across Europe
The network was dismantled following a large-scale Europol-led operation involving police forces from Cyprus, Croatia, France, Germany, Slovenia, and Spain, alongside support from EUROJUST. The joint operation resulted in the arrest of more than 20 suspects, with one of the Ukrainian brothers apprehended abroad under a European arrest warrant. The other remains at large.
Authorities also seized millions of euros in cash, luxury cars, and other high-value items, while freezing cryptocurrencies valued at tens of millions of euros.
In Cyprus, police executed 13 search warrants, mostly in Limassol, leading to the seizure of:
- €650,000 in cash
- Over €25 million in cryptocurrencies
- Luxury cars worth over €650,000
- 14 apartments valued at more than €7 million
Network’s Modus Operandi
The criminal group reportedly funneled large sums of money from third-country nationals into Europe and Cyprus, often using Cyprus as a transit hub. This money was then laundered through investments, luxury purchases, and other means to disguise its illegal origins.
Across Europe, the operation included searches of 90 properties in Spain, France, and Cyprus. Spanish police announced the seizure of €8.2 million in cash, the freezing of €29.5 million in cryptocurrencies, and the confiscation of 36 luxury cars, among other assets.
A Tarnished Investment Program
This case has reignited scrutiny of Cyprus’ now-defunct Cyprus Investment Program, which allowed foreign nationals to obtain Cypriot citizenship in exchange for substantial investments. Critics have long argued that the program opened the door to individuals involved in illicit activities, and this latest revelation is likely to fuel further debate.
As investigations continue, European authorities are working to track down the remaining suspects and fully dismantle the network’s operations. The case underscores the challenges of combating transnational crime and highlights the importance of international cooperation in tackling money laundering and human trafficking.
Further updates are expected as authorities delve deeper into the network’s operations and financial trail.
