Cyprus authorities arrested two people and seized documents and electronic devices during a coordinated Joint Action Day on November 4, 2025 under Operation 'Chargeback'. The action aimed to dismantle three criminal networks involved in large-scale electronic fraud and money laundering, with Cyprus among the participating countries.
Investigators report victims in 193 countries and more than 4.3 million compromised cardholders. Estimated losses exceed €300 million, with attempted fraud surpassing €750 million.
How the networks operated
According to police, the money laundering schemes relied on numerous shell companies in the United Kingdom and Cyprus. Crime-as-a-service providers supplied these shells with full organisational setups, including fake directors and forged identification documents, to channel illicit transactions.
Across participating states, authorities executed 60 search warrants and 18 arrest warrants, seized documents and digital devices, and froze significant suspect assets.
Where cyprus fits in
Cyprus’ operational role led to two arrests, searches at company offices and residences, and the seizure of documents and electronic equipment. Cyprus participated through the Cyprus Police Crime Combating Department, the Nicosia Divisional Police and the Europol National Unit.
The operation was conducted with the cooperation of Germany, Canada, Cyprus, Italy, Luxembourg, the Netherlands, Singapore, Spain, the United Kingdom and the United States, with support from Europol and Eurojust. Further investigative steps will focus on tracing funds and building cases against the networks’ organisers.
Source: CNA