Cyprus police bust money laundering ring led by two Ukrainians

[chushpan]

Cryptocurrency worth 24 million euros, luxury cars and real estate became the loot of law enforcement officers from Europol and Eurojust as a result of the special operation Yuzuk, which has been ongoing over the past year. As a result, the activities of a money laundering ring were stopped.

"Presumably, the organization was headed by two brothers of Ukrainian origin, living in Limassol and holding Cypriot citizenship, which they acquired through the Cyprus investment program. The scheme operated in a specific way: a large number of third-country nationals transferred large sums of money from European countries to Cyprus, which was also used as a transit point," the police of the island state noted in a statement.

According to security officials, the main part of the special operation was carried out on October 28, 2024. Then, 13 searches were conducted in Cyprus, during which law enforcement officers froze 24 million euros in cryptocurrency, and also seized 14 real estate properties and 6 cars. In addition, 650 thousand euros in cash, as well as various valuables, were seized.

In addition, during the mainland part of the operation, 23 people were arrested in Spain, France and Slovenia, the amount of cash seized in these countries exceeded 7.5 million euros, and cryptocurrency - 4.5 million. Searches were carried out in 77 more locations. Nothing is reported about the fate of the main suspects.