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Man held over Limassol land fraud

A 40-year-old man has been remanded in custody after allegedly obtaining around €2m from his Russian business partner by falsely offering to provide him with acres of land.

A 40-year-old man, who allegedly obtained around €2m from his Russian business partner by falsely offering to provide him with acres of land, has been remanded for eight days in police custody.

Financial Crime Unit investigator Christakis Christodoulou said in court that the suspect persuaded his partner to invest in land in Limassol with the prospect of turning it into a tourist village.

He then, over the period of a year, transferred funds out of their joint account into his personal accounts and provided the victim with false title deeds.

Christodoulou added that the land in question is jointly owned by 50 people and a private company and was never on the property market, during the time the suspect claimed he had bought it.

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