Man arrested in Nicosia fraud case involving €175,060

Police are investigating a significant fraud case involving the withdrawal of €175,060. A 37-year-old man has been arrested in connection with the case and is currently detained under a court order.

The investigation began after a 58-year-old man reported the incident to the Nicosia Criminal Investigation Department (CID) on April 15, 2024. The complainant alleges that the suspect persuaded him to collaborate on establishing a company for importing and marketing technology products. The suspect, responsible for handling orders and importing products between November 2022 and February 2024, allegedly used false representations to extort various sums of money from the complainant, totaling €175,060.

Following the report, a warrant was issued for the suspect’s arrest. He was apprehended by police on Wednesday, May 22, and brought before the Nicosia District Court. The court granted an eight-day detention order at the police's request to facilitate the ongoing investigation.

The Financial Crime Investigation Unit of the Nicosia CID is handling the case.