Limassol: The investigations of the Spanish authorities are still underway in relation to the dismantling of a criminal network of trafficking and money laundering, which was operating in Cyprus and other European countries, Police Spokesperson Kyriaki Lambrianidou told the Cyprus News Agency on Tuesday. Yesterday it was made known that Europol, in coordination with the Cyprus Police and other authorities, concluded that the network heads were operating from Cyprus and were engaged in the legalization of proceeds from illegal activities.
According to Cyprus News Agency, the criminal network was allegedly led by two brothers of Ukrainian origin, residing in Limassol and with Cypriot citizenship, which they had acquired through the Cyprus Investment Program. One of the two suspects has already been arrested abroad under a European arrest warrant, while the second is still wanted.
During the joint Europol operation, with the participation of police authorities from Cyprus, Croatia, France, Germany, Slovenia, and Spain, as well as EUROJUST, more than 20 suspects were arrested. Cryptocurrencies worth tens of millions of euros were frozen, and millions of euros, luxury cars, and other valuables were seized.
The Cyprus Police announced yesterday that the ring operated in a specific manner, with a large number of third-country nationals transferring large sums of money from European countries to Cyprus, which was also used as a transit location. A total of 13 search warrants were executed in Cyprus at homes and premises.
During the operation in Limassol, over 650,000 pounds in cash, a large quantity of valuables, a number of electronic devices, mobile phones, and bank documents were seized. More than 25 million cryptocurrencies were also frozen, with a total value of over 24 million pounds.
In addition, six more luxury vehicles were seized, with an estimated value of over 650,000 pounds, and an order was issued on 14 apartments worth over 7 million pounds. During the operation, 23 people were arrested in Spain, France, and Slovenia, 90 houses were searched in Spain, France, and Cyprus, 8.2 million euros in cash were seized, 29.5 million euros in cryptocurrencies were frozen, 36 luxury cars were seized, and valuables worth hundreds of thousands of euros were also seized.