Warning over ‘ghost bank’

The Central Bank of Cyprus has warned businesses and the public of a ‘ghost’ bank called Sabax operating in Limassol, noting the entity has not been licensed by the supervising authority. In

Arms dealer claims $600 mln Cyprus fraud

A controversial Russian-born Israeli arms dealer Arcadi Gaydamak has implicated Cyprus in an alleged $600 mln fraud case against him. According to news site Philenews, citing a TV documentary aired recently on

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Ex-commissioner charged with forging CV

Former volunteerism commissioner Yiannis Yiannaki was officially charged with the alleged forgery of his academic documents, which landed him well-paid jobs in the government. According to reports, Yiannaki has been slapped with

GHS doctor faces fraud prosecution

A doctor in Cyprus registered with the General Health System will be prosecuted for filing payment requests for services he never provided, Attorney General George Savvides said on Wednesday. In a statement

Cyprus forex shaken by trading fraud

Cyprus’ forex industry has been rattled by €15 mln trading fraud, forcing two Limassol-based firms out of business, while more than 2,000 people employed have lost their jobs in recent weeks. Industry

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Cyprus in the dock over EU budget fraud

European prosecutors accuse Cyprus of inadequately monitoring how EU funds are spent, claiming one in 10 fraud cases against the European Union budget has a Cypriot connection, an accusation Nicosia denies. Cyprus

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Slow justice encourages fraud

The delays in the Cyprus justice system is well known and “accepted” by everybody. Cyprus Court delays are next to the bottom with Zimbabwe that shows what a mess we are in.

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Ukrainian in custody over $92 mln fraud

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