Nicosia: Two individuals were apprehended, and various documents and electronic devices were confiscated by the Cyprus Authorities as part of the international operation ‘Chargeback’. The operation aimed to dismantle three major criminal networks involved in electronic fraud and money laundering.
According to Cyprus News Agency, on 4 November 2025, a coordinated Joint Action Day took place under the framework of Operation ‘Chargeback’. The operation involved participation from Cyprus and aimed at tackling electronic fraud and money laundering on a global scale. Involving 193 countries, the operation revealed that over 4.3 million cardholders fell victim to these crimes, with financial losses estimated at over 300 million euros. Fraud attempts during this period exceeded 750 million euros.
The operation also uncovered the use of numerous shell companies in the United Kingdom and Cyprus, which facilitated illegal transactions. These companies were provided with complete organizational structures, including fake directors and false identification documents, by ‘crime-as-a-service’ providers.
Simultaneous execution of the operation across involved states led to 60 search warrants and 18 arrest warrants being carried out, along with the seizure of documents, electronic data, and communication devices, and the freezing of significant suspect assets.
The success of the operation is attributed to the cooperation between authorities from Germany, Canada, Cyprus, Italy, Luxembourg, the Netherlands, Singapore, Spain, the United Kingdom, and the United States of America, with assistance from EUROPOL and EUROJUST.
Cyprus’s involvement in the Joint Action Day resulted in the arrest of two suspects and the search of company offices and residences, leading to the seizure of crucial documents and electronic devices. The Cyprus Police, including the Crime Combating Department, the Nicosia Divisional Police, and the EUROPOL National Unit, played key roles in the operation.