Police in Limassol announced on Friday they had arrested two people on Thursday for suspected money laundering.
They said they had placed a property in the city under surveillance after it had been alleged that financial crimes were being carried out inside.
At around noon on Thursday, a car pulled up outside the property and a man got into its passenger side, before police pounced to arrest both people in the car.
The driver was a 33-year-old man, and the passenger was a 34-year-old man. Both are third country nationals.
A search of the passenger found a total of 17 envelopes full of cash inside a bag he was carrying, with the amount of cash in the 17 envelopes totalling at €161,425. He was arrested.
Police then discovered a 41-year-old inside the property, who claimed to be its partial owner. He and the driver of the car were both summoned by police for questioning.
A subsequent search of the property turned up a total of €706,300, $22,539, and £1,375 all in cash, as well as two banknote counting machines and a number of empty envelopes. They then arrested the 41-year-old.
In a search of the 34-year-old’s house, police found a total of €815 in cash as well as multiple mobile phones and empty envelopes.
Limassol police’s financial crime investigation unit is continuing its investigation into the matter.
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