French, Cypriot and Belgian officers carried out joint raids in Limassol last week under a Europol investigation, securing seven arrests on the basis of warrants issued by the Limassol District Court. The operation remains active into this week, according to information obtained by Politis.
Alleged Scheme
Sources indicate the case concerns online fraud and money-laundering offences targeting French nationals, with losses estimated around €700 million. The alleged network operated mainly from Limassol using call centres to contact residents of EU countries—particularly in France—offering high returns on supposed investments. Victims, including many pensioners, were reportedly persuaded to deposit funds; small “profits” were paid initially to build trust, after which the operators vanished, taking down websites, changing addresses and phone numbers, and moving on to new targets in other countries.
Arrests and Questioning
Several of those arrested are described by sources as Russian and Jewish suspects. Some Cypriot collaborators were also brought in for questioning. Persistent complaints from France led to sustained legal and police follow-up, culminating in the current round of arrests after investigators pieced together the case.