Cyprus authorities have detained three individuals, including a serving police officer, as part of an investigation into an alleged criminal organization suspected of money laundering, tax evasion and extortion targeting businesses such as forex firms.
According to SigmaLive, citing the official news agency CNA, the Nicosia District Court issued detention orders following police operations in Limassol. Two suspects, aged 49 and 50, were ordered to remain in custody for seven days, while a 45-year-old police officer was placed under an eight-day detention order.
Investigators informed the court that the group may have connections to a person wanted by Greek authorities in cases involving cigarette and fuel smuggling. Police are examining claims that the network provided so-called protection services to businesses, including forex companies, and are assessing possible links to a series of recent criminal incidents, such as arson and shootings.
Financial Activity Under Scrutiny
The investigation focuses in part on the police officer’s financial activity between 2020 and 2026. After securing court orders, authorities identified bank transactions that appear inconsistent with his declared income. Investigators also located luxury vehicles associated with the officer for which there are no clear financing records.
The two other suspects are under investigation for alleged participation in the same criminal organization and for money laundering. Authorities identified funds in bank accounts and four luxury vehicles tied to the pair that appear not to match their reported income levels. Around €200,000 in assets linked to the two suspects has been frozen.
Asset Seizures and Regulatory Context
During the Limassol operations, police seized property valued at more than €420,000. The haul included five luxury vehicles and other items taken from the suspects’ residences, as part of efforts to trace and secure assets believed to be connected to the alleged criminal network.
Separately, CySEC’s 2025 review indicated that it conducted around 600 inspections of Cyprus Investment Firms in that year. The regulator imposed approximately €2.3 million in fines and suspended or withdrew four CIF licences. Several cases arising from its supervisory work were referred to the police, the Attorney General and the anti-money laundering unit, underscoring ongoing regulatory and law enforcement attention on financial services and potential illicit activities involving investment and forex-related businesses.
