Man Arrested on Money Laundering Charges

North Cyprus News - YKT arrested for money laundering
[Man arrested for suspected money laundering]
Friday, 22  July, 2022

A man has been remanded in custody for suspected money laundering, Kıbrıs Gazetesi reported.

The suspect, only identified by his initials as YKT, is under investigation after he arrived at Ercan Airport from Istanbul with 500,000 Euros in his hand luggage.

Suspicions were raised when police asked what the money was for. He claimed it was for property purchasing for a friend. 

A police officer giving evidence in court stated that the suspect had arrived from Istanbul at Ercan Airport at 18.30 on 19 July. He stated that he declared a total of 500 thousand Euros in his suitcase to the Ercan Customs Branch as money he had brought for “investment” purposes. Following checks made on the records regarding the suspect, it emerged that he also had been investigated on 24 March for bringing  600,000 Euro into the country which the suspect claimed was for a  “property and housing purchase”. He was arrested at that time for failing to declare the cash.

The judge hearing the evidence at Nicosia Crown Court granted the police a two-day extension to his detention.

Kıbrıs Gazetesi

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