A 39-year-old former senior executive of a company in Limassol was remanded for eight days on Sunday over allegations that he misappropriated €610,215.
The case was reported on Saturday by the company’s director.
The suspect appeared before the Limassol District Court on Sunday morning. Investigators from Limassol CID requested that he be detained for eight days, a request accepted by the court.
According to the evidence under investigation, the 39-year-old was one of three shareholders in the company. Over time, the two brothers, who were also shareholders, began to suspect irregularities in the management of the company’s finances and arranged for an audit by a registered accountant.
The audit found that the suspect transferred money from company accounts to his personal accounts or made cash withdrawals. He is also alleged to have charged personal expenses to the company by issuing relevant invoices.
According to the audit findings, investigators also identified cases in which invoices appeared as unpaid in the accounting books, although the corresponding amounts had already been collected in cash. In other cases, he is alleged to have issued invoices, collected the relevant amounts and then cancelled them.
The total amount allegedly embezzled stands at €610,215.
During his arrest, the 39-year-old allegedly told police officers: “Do your job.” During questioning, he claimed that the missing money was used to cover company expenses.
A second case involving a lifting machine is also under investigation. According to the evidence being examined, the 39-year-old, despite having already been removed from his position at the company, allegedly signed on its behalf for the customs clearance of a lifting machine without authorisation.
Specifically, he is alleged to have ordered the machine in the company’s name, received it and proceeded with its customs clearance, even though his right to represent the company had been removed.
The 39-year-old is being investigated for theft by an official, obtaining money by false pretences and money laundering. The alleged offences were committed in Limassol between 2023 and 2026.
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Former company executive arrested in Limassol over €610,000 theft and fraud case