Four accused of stealing share cash

A PAPHOS court yesterday remanded for eight days four people accused of cashing in around £28,000 worth of shares using forged documents.

The suspects were arrested after Demos and Froso Nearchou complained to police that someone had stolen their Hellenic Bank share titles, which were due to come through the mail.

Police investigations found that the titles had indeed been stolen and that the thief had cashed them through a broker using a forged power of attorney.

The paper trail promptly led police to arrest a 25-year-old contractor from Paphos, who was the janitor at the apartment building where the couple lived.

Police subsequently arrested a broker and two insurance advisers, all from Limassol.

The three are suspected of aiding the janitor to obtain the forged power of attorney and cash the money.

This is the latest in a series of share related scams since the stock market boom last year.

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