Police had arrested three men in connection with the case on Monday night. The three are understood to have been the middleman in the transaction, who was responsible for introducing the two parties, and two other Cypriot nationals posing as vendors of the land in Limassol.
The British man claims he handed over the cash in the belief that he was buying a plot of land in Limassol, but neither the men nor the land materialised after the huge sum of money had passed hands.
The three suspects were brought before Paphos central court yesterday morning and the middleman was released without charge. The other two suspects, one from Limassol and one from Paphos, were remanded in custody for four days, while Paphos CID continue their investigations.
A number of similar incidents have occurred in the past and have sparked authorities to warn would-be purchasers to thoroughly check out any deals before handing over any sums of money.
In 2006, a Limassol-based lawyer fled the country after defrauding a number of mainly British clients in similar frauds totalling £3.6 million. Police have issued international arrest warrants for the man.
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