In Limassol, two suspects in a money laundering case at the gallery have been released

The case materials regarding the alleged money laundering at the gallery have been forwarded to the legal department in Limassol. Two suspects have been released from custody pending further investigation.

The detainees were released unconditionally after the expiration of the detention period. Limassol police await further instructions from the legal department, which is reviewing the criminal case materials.

Recall that on March 14, the police of the Republic of Cyprus detained two foreign nationals in Limassol, aged 34 and 41. Presumably, they are citizens of Russia.

Police stopped one of the suspects for inspection after he was seen leaving the gallery, which had been under surveillance.

Upon arrest, he was found to have 17 envelopes containing €161,425. During a search inside the premises, an additional €706,300, $22,539 USD, £1,375 GBP, two banknote counting machines, and empty paper envelopes were discovered.

After the arrest, the suspects were remanded in custody for five days for further investigation. Today, the detention period has expired. Both detainees deny their guilt.

Meanwhile, the police believe that the gallery served as a cover for money laundering. According to the investigation, the 41-year-old Russian co-owner of the gallery illegally exchanged money for euros or other currencies with businessmen from Russia, Ukraine, and other foreign investors.

The 41-year-old man claims that transferring money to 20 restaurants, of which he is a co-owner, was related to his business activities. The money at the gallery, of which he is also a co-owner with his wife, was intended for purchasing a house in the Germasoyia area.

As part of the investigation, the police have sought assistance from the Money Laundering Combating Unit (MOKAS) to investigate the possible connection of the two suspects to illegal activities.