US fraud case reveals Russian control behind Cyprus-based tech company linked to security software sales
US special agents have uncovered that a Turkish passport holder listed as the largest shareholder of a Cyprus company involved in a US fraud case is actually a Russian national. The Cyprus company, Oxygen Forensics Limited, owns Virginia-based Oxygen Forensics Inc, which sold software licenses to US security agencies. Investigators revealed that the company is controlled by Russian nationals and the software was developed in Russia.
The US Justice Department has charged Lee Reiber, CEO of Oxygen Forensics Inc, and Russian national Oleg Sergeyevich Davydov with conspiracy to commit wire fraud. Davydov was arrested in London while attempting to board a flight to Istanbul and is considered the mastermind of the scheme. The charges allege that the executives concealed the company’s true foreign ownership while working with US agencies.
Experts have called for Cypriot authorities to clarify their role regarding export controls, company records, and sanctions enforcement. Questions remain whether appropriate licenses were obtained and if end users were properly screened, as the case raises concerns about compliance with EU restrictive measures and Cyprus's regulatory oversight.
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