Man extradited to Cyprus over $92 million fraud

A 42-year-old suspect arrested in connection with a huge money scam on January 17 in Budapest was extradited to Cyprus on Wednesday.

A case of conspiracy to commit fraud, money laundering and the theft of 92 million US dollars is being investigated.

The above offences are believed to have been committed against a Cypriot company between 2011 and 2012 in Cyprus, Ukraine, Switzerland and the British Virgin Islands.

According to police, the persons involved allegedly cheated the company by inflating charges for shares.

This happened in seven instances and they reportedly made a total of 92 million dollars from the companies in Cyprus and Switzerland.

On October 17 police issued five European arrest warrants in connection with the case.

The 42-year-old was one of the wanted persons.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.