A business tycoon in Turkish occupied north of Cyprus, along with members of his family and associates are being investigated over a real estate scandal concerning a £7 mln Kyrenia property deal.
According to Turkish Cypriot media, businessman Vakkas Altinbas, his son Mehmet, his daughter’s father-in-law Mehmet Akacan and four others were taken to court this week over irregularities concerning the purchase of prime real estate in the centre of Kyrenia.
Altinbas and his son Mehmet were charged with falsifying documents and released on a Turkish lira 800,000 and TRY 400,000 bail respectively on Friday morning.
All the suspects are being investigated for issuing and circulating fake documents and buying property under false pretences.
Turkish Cypriot daily Africa noted the arrest is a first in the north, as authorities have never arrested a businessman of Altinbas’ calibre.
Altinbas heads one of the wealthiest families in the north with a presence in almost every sector of the economy from the banking sector to hotels and real estate.
He was implicated in a land scam in 2016, involving forged documents after he had agreed to purchase land worth £7 mln from a Turkish Cypriot named as Husseyin Cahit.
Allegedly, Altinbas paid an initial sum of £4 mln and issued post-dated cheques for another £3 mln.
Before the cheques were cashed Cahit passed away, with Altinbas allegedly forging documents to show that the remaining £3 mln to be paid was actually for the purchase of a different plot of land which he never received as the seller had died.
A witness told police that Altinbas had given him £1 mln to sign as a plenipotentiary of Cahit and falsify documents.
Altinbas and his family, however, say they are the victims of a conspiracy against them.
Another member of the Altinbas family, Sofu, who is the chairman of the board of Altinbas Holding, said in a written statement they were the victims of a well-organised conspiracy and they had done everything by the book.
There was media speculation, Altinbas was ready to make a huge investment of £300 mln in hotels in the Kyrenia and Trikomo.
“Taking into consideration that Altinbas is ready to pour so much money in one of the largest investments made in the north, it makes one think whether he would risk the family’s empire over three million,” a source told the Financial Mirror.
The source also noted that the story becomes murkier considering the Altinbas family is believed to have close ties with Turkish President Tayyip Erdogan.
Most of the property in central Kyrenia belongs to Greek Cypriot refugees.
