PAPHOS police have announced the arrest of a 43-year-old Greek Cypriot man in connection with on-going investigations in a property scam involving Chinese investors.
Paphos CID Chief, Nikos Tsappis, said that the man was arrested on evidence given by the Chinese and other evidence which suggest that he received €260,000 as a down-payment for a large parcel of land that the group of Chinese were interested in purchasing.
Earlier today a 43 year old man was remanded by the Paphos court for eight days and is facing charges of criminal conspiracy, extorting money under false pretences, and money laundering.
An arrest warrant has also been issued for a second person.
The case came to the attention of the police, when the Chinese woman who had initiated the deal with the suspect realized that he was not the legal owner of the property in question, and who subsequently reported the matter.
Initial investigations conducted by the police show that at least two people from Paphos have initiated deals worth over €300,000 with prospective investors by posing as agents for large property development concerns in Cyprus.