Police have forwarded a multi-million-euro property fraud complaint against a Greek Cypriot businessman, to their Crime Combating Department (CCD) for further investigation.
The case was reported to the Larnaca Police in early September and it involves accusations of a €3 million fraud targeting Israeli investors in a property development scheme.
Due to the complexity of the allegations, the case and supporting evidence were transferred to the CCD, according to police sources.
The complainants allege that the businessman, involved in real estate, fraudulently obtained funds from Israeli investors for a land purchase in Larnaca that never took place. The investors allege that the funds were diverted to other projects instead.
The alleged fraud involved an escrow account in Israel, with funds to be released upon receipt of documents from the Larnaca Land Registry. The lawyer representing the investors claims these documents were falsified.
The investigation is focusing on potential charges of forgery, circulation of forged documents, and money laundering.
The complainants allege that the businessman submitted and later cancelled the property sale documents at the Land Registry to generate receipts for investor payments and manipulated other documents for tax purposes.
