A 25-year-old man has been arrested and remanded in custody in connection with an investigation into alleged theft by false representation, money laundering and offences under Cyprus’ Betting Law.
The man was arrested yesterday afternoon under a court warrant and was detained to facilitate police investigations.
18 people reported losses
According to police, 18 people reported that between June 15, 2025 and April 1, 2026, the 25-year-old obtained more than €500,000 from them for investments in cryptocurrencies.
The suspect appeared before court today, which ordered his detention for seven days.
The Economic Crime Investigation Unit of the Nicosia Criminal Investigation Department (CID) is continuing its investigations.
Also read: Two Turkish Cypriots face 11 charges in court
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