Cyprus gains ground in $92 million fraud case

MOKAS officers are making headway in an embezzlement case to the tune of $92 million involving a Cypriot company, after one of five suspects was taken into custody.

According to police, a 42-year-old suspect was extradited to the Republic of Cyprus on Wednesday, following his arrest in Budapest two weeks ago by Hungarian authorities. He was scheduled to appear before a Nicosia judge for his remand hearing on Thursday late morning.

Police said four additional warrants have been issued in the case, regarding offences committed in Cyprus, Ukraine, Switzerland, and Virgin Islands between 2011 and 2012.

The case involves the sale of shares at inflated prices, which had been paid by the Cypriot company. MOKAS is examining seven different instances when the suspects were believed to have misappropriated funds from company accounts located in Cyprus and Switzerland, totaling $92 million.

Police did not disclose the nationality of the suspects, while an official report listed the charges including conspiracy to commit fraud, money fraud, misappropriation of funds by company officials, and illegal gains.