Investigations into laundering network with Cyprus links continuing, Police say

Investigations by the Spanish authorities are still underway in relation to the dismantling of a criminal network involved in trafficking and money laundering, which was operating in Cyprus and other European countries, Police Spokesperson Kyriaki Lambrianidou has said.

Lambrianidou was speaking to the Cyprus News Agency on 28 January.

On 27 January, it was made known that Europol in coordination with the Cyprus Police and other authorities concluded that the network heads were operating from Cyprus and were engaged in the legalisation of proceeds from illegal activities.

The criminal network was allegedly led by two brothers of Ukrainian origin, residing in Limassol and with Cypriot citizenship, which they had acquired through the Cyprus Investment Program.

According to Lambrianidou, one of the two suspects has already been arrested abroad under a European arrest warrant, while the second is still wanted.

During the joint Europol operation, with the participation of Cyprus, Croatia, France, Germany, Slovenia and Spain police authorities, as well as EUROJUST, more than 20 suspects were arrested, cryptocurrencies worth tens of millions of euros were frozen, while millions of euros, luxury cars and other valuables were also seized.

The Cyprus Police announced yesterday that the ring operated in a specific manner, as a large number of third-country nationals transferred large sums of money from European countries to Cyprus, which was also used as a transit location.

A total of 13 search warrants were executed in Cyprus at homes and premises.

During the operation in Limassol, over €650,000 in cash, a large quantity of valuables, a number of electronic devices, mobile phones, bank documents, etc., were seized.

More than 25 million cryptocurrencies were also frozen, with a total value of over €24 million.

In addition, six more luxury vehicles were seized, the value of which is estimated at over €650,000, and an order was issued on 14 apartments worth over €7 million.

During the operation, 23 people were arrested in Spain, France and Slovenia, 90 houses were searched in Spain, France and Cyprus, 8.2 million euro in cash were seized, 29.5 million euro in cryptocurrencies were frozen, 36 luxury cars were seized and valuables worth hundreds of thousands of euros were also seized.

(Source: CNA)