Newsroom
For many people, buying property is the biggest investment they'll ever make. But police say dozens of people may have lost millions after allegedly falling victim to a property fraud scheme that is now at the center of a major criminal investigation.
A well-known Larnaca property developer, Savvas Kakos, 62, was arrested on Tuesday in connection with an investigation into 11 separate cases involving allegations of fraud, forgery, and other serious offenses.
According to police, the alleged offenses took place between 2022 and 2024 in the Larnaca district, with the total amount of money involved reaching an estimated €12 million.
Investigators allege that a large number of people were deceived through property-related transactions. The businessman is being investigated on suspicion of conspiracy to commit a felony, obtaining money by false pretenses, forgery, circulating forged documents, and other related offenses.
The arrest has drawn attention because of the developer's well-known presence in Larnaca's property sector and the scale of the alleged losses.
Kakos is expected to appear before the Larnaca District Court on Wednesday, where police will ask for an eight-day detention order as investigators continue gathering evidence.
The Larnaca Criminal Investigation Department is continuing its investigation.
The allegations remain under investigation, and Kakos is presumed innocent unless proven guilty in court.
