Ukrainian Money Laundering Mastermind Arrested, Brother Wanted

The second brother is still at large and a European warrant is pending, the same sources said on Tuesday.
Investigations into the multi-million case are continuing.

The two brothers from Ukraine were living in Limassol on Cypriot passports they obtained through the now defunct citizenship-by-investment programme.

Sources were unable to confirm if any other suspects were under surveillance in 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 organised crime, linked to money laundering in Cyprus, the police said on Monday.

Cyprus’ police participated in the bust, during which more than 20 suspects were arrested in several European countries.

Cyprus police have been reluctant to release many details outside Monday’s 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.
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 also 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.

On October 28, 2024, an operation was launched in Limassol to dismantle a black money and money laundering network, under Europol guidance in close cooperation with Cyprus police.

Sources said the operation included a large number of police officers across various departments, who were raiding houses and businesses, belonging mainly to foreigners, to gather evidence.

The operation in October led to the seizure of €500,000 in cash, the sources said.

The probe, planned weeks in advance, had involved close surveillance of specific individuals.

A substantial police contingent from various departments, along with government officials, participated in the investigation, searching for evidence, including money and other crucial material.

Authorities searched apartments, private residences, commercial premises and businesses owned by foreign nationals. Investigators also scrutinised the financial activities of suspects and the origin of their funds.

Law enforcement officials maintained strict confidentiality around the operation.

Source: Cyprus Mail