Criminal groups from various European countries launder millions of euros through Cyprus with Armenians involved
New details are surfacing in a massive money laundering case cracked open by a Europe-wide operation, Cyprus Mail writes.
Last week, it was made known that two Ukrainian brothers were allegedly masterminding money laundering operations from Limassol and that one had been arrested abroad while the other was at large.
Ukrainian media said the masterminds were well-known businessmen operating from Kherson, Ukraine. Under the businessmen in Kherson, third country citizens were transferring money from various European countries to Cyprus. In the framework of the Europol and Eurojust joint operation that started over a year ago, large sums of money and luxury cars have been confiscated, while €24 million worth of cryptocurrencies have been frozen.
The aim of the operation was to clamp down on organized crime, linked to money laundering in Cyprus, the police said on Monday. Cyprus’ police participated in the bust, during which 23 suspects were arrested in several European countries. Europol said the organized criminal organization, comprising mainly people from Ukraine, Armenia, Azerbaijan and Kazakhstan, offered fast delivery and illegal banking services to other criminal organizations. It was also believed that Chinese citizens were involved in money laundering services.
Europol said the suspects had abused the status of temporary protection offered by the EU to Ukrainian refugees since 2022, as well as other people affected by Russia’s war against Ukraine. The two brothers were allegedly using Ukrainian refugees who had transferred their savings in cash to Europe for protection. After the arrest of many people transferring money, the criminal organization changed its tactics, turning to cryptocurrency, which was harder to detect.
It is estimated that €75 million was transferred from March 2023 till February 2024. Meanwhile, Cyprus police have been reluctant to release many details outside Europol announcement, but a spokesman did confirm to the Cyprus Mail that there have been no actual arrests in Cyprus yet. The operation, codenamed Yuzuk, lasted a year and targeted criminal activity and money laundering. 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 also confiscated. Furthermore, Cyprus’ money laundering unit Mokas held 14 apartments valued at over €7 million.
