Large sums of money and luxury cars have been confiscated, while €24 million worth of cryptocurrencies have been frozen, in the framework of a Europol and Eurojust joint operation to clamp down on organised crime, linked to money laundering in Cyprus.
Cyprus’ police said on Monday they had participated in the bust, during which more than 20 suspects were arrested.
The operation, codenamed Yuzuk, lasted a year and targeted criminal activity and money laundering.
The masterminds are believed to be two Ukrainian brothers living in Limassol, who obtained Cypriot passports through the now-defunct investment programme.
The criminal organisation seemed to be operating in specific manner – a large number of third country nationals transferred large sums of money from European countries to Cyprus, which was used as a transit station.
On October 28, 2024, the police forces of Cyprus, Spain and France, along with Europol, carried out a joint operation.
In Cyprus, 13 search warrants were carried out at various places.
Investigations in Limassol resulted in over €650,000 in cash confiscated, along with various valuables, electronics, mobile phones and bank documents, among others.
Over €25 million in cryptocurrencies were frozen, while six luxury cars valued at over €650,000 were confiscated.
Furthermore, Cyprus’ money laundering unit Mokas held 14 apartments valued at over €7 million.
On a European level, in the framework of Yuzuk, 23 people were arrested in Spain, France and Slovenia, 90 residences were searched in Spain, France and Cyprus, €8.2 million in cash were confiscated, €29.5 million in cryptocurrency were frozen, 36 luxury cars and assets were confiscated, and valuables worth hundreds of thousands of euros were also confiscated.
Participating in Yuzuk operations were the police forces of Cyprus, Croatia, France, Germany, Slovenia and Spain, as well as Europol and Eurojust.