07 December, 2019
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Four busted in Limassol co-op bank fraud

Businesswoman and Cyprus Cooperative Bank employees arrested in 900K fake loan scheme


Four people have been arrested in connection with financial irregularities at a Limassol credit union of the Cyprus Cooperative Bank.

Police officers detained four individuals on Wednesday, a 59-year-old businesswoman from Limassol, a 62-year-old former secretary at CCB, and two branch employees, a 51-year-old male and a female aged 42.

The CCB secretary saw the loans through the process, while the others certified signatures of borrowers who, in fact, did not exist

CID Limassol officials are investigating allegations of wrongdoing that took place at the between 8 January 2002 and 2018 in connection with financial crimes at the credit union branch.

Based on a preliminary probe, the businesswoman appears to have arranged credit financing on ten different occasions with a combined total value of €826,964 through fake loans.

The CCB secretary allegedly took part in seeing the loans through the process, while the other two suspects are believed to have certified signatures of borrowers who, in fact, did not exist.

Cyprus  |  Limassol  |  CCB  |  credit union  |  cooperative  |  co-op  |  bad loans  |  financial  |  crime  |  wrongdoing  |  irregularities

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