Ukrainian in custody over $92 mln fraud

2425 views
1 min read

A 42-year-old Ukrainian national was remanded in Cyprus police custody for seven days on suspicion of financial fraud for allegedly scamming $92 mln from a Cypriot company.

The man was arrested on a European warrant in Budapest on 17 January and was subsequently extradited to Cyprus to face justice.

The man is accused of committing financial fraud against a Cypriot company between 2011-2012 in Cyprus, Ukraine, Switzerland and the British Virgin Islands.

According to evidence collected, there were seven instances in which the company appears to have made various equity purchases at a much higher price than the real value of the assets.

It is estimated that several people were involved in pulling off the multi-million scam.

The Ukrainian is one of five people wanted in connection with the case, as the Financial Crime Investigation Bureau continues investigations.