A 50-year-old man was remanded for eight days by the Limassol District Court today as part of investigations into alleged theft by a director and money laundering involving about €800,000. Authorities say the suspected misappropriation occurred from a Limassol company between 2016 and 2019. Limassol Criminal Investigation Department (CID) is continuing enquiries to establish the full scope of the alleged offences.

Police located and arrested the suspect abroad under a European Arrest Warrant and extradited him to Cyprus yesterday, where a domestic judicial arrest warrant was executed. The eight-day remand will allow investigators to question the suspect further and secure evidence.

Investigators said they will examine company accounts, bank transfers and corporate documentation to trace funds and determine the suspect’s role. Officials have not released the identity of the suspect or the company involved while enquiries remain ongoing.