CYPRUS property developer Costas Papaioannou was arrested and remanded in custody for five days on suspicion of obtaining money from buyers with intent to defraud. He was subsequently released two days early ‘on medical grounds‘.
At the time, the case was reported in the newspapers and the victims of the alleged fraud were looking forward to an early settlement. But that was almost two years ago and the four British families that filed the complaint are still waiting for the Cyprus justice to get its act together.
One of the families involved in the alleged fraud has reported that around seven court dates have been set but that each time the judge, Androulla Pougourou, has put back the case to a later date. The next one is scheduled for 27th May and they are hope there will be no further delays in getting justice.
One of the blocks in which some of the families bought apartments has only recently managed to acquire water and electricity, so at least they are now habitable at long last!!
CID investigators believe that Papaioannou began two separate projects in 2004, in which he bought land in the Paphos villages of Yeroskipou and Chlorakas, planning to build apartment blocks.
The suspect is suspected of receiving over £250,000 to build apartments in the Paphos district that were never completed because he failed to receive building permission.
Papaioannou then allegedly fled the island and was only arrested after news of his return.
Update 27th May, 2008
One of the buyers involved in this alleged fraud has sent me the following update:
Costas Papaioannou was in court again this morning – the case has been deffered to 6th June for sentencing.
So maybe we now have a result depending on how soft the judge Androulla Pougourou will be as she was attempting o throw the case out as she thought the poor man had no criminal case to answer!!!!
Once we have a criminal result against him then maybe, just maybe our civil case will come to the fore.
Here’s hoping.
I wish them and the other families involved every success.
Further updates will be posted as the case against Papaioannou progresses.
