The former Director of the Ayia Napa Police Department was handcuffed today by the men of the Police as well as a 65-year-old businessman from Liopetri, in relation to an investigated case of embezzlement of money by a Cooperative Credit Company.
According to a police statement, the 56-year-old was arrested to facilitate investigations into money laundering offenses, theft by directors or company officials and offenses in violation of the Law on Cooperatives and the Law on Prevention and Combating of Law Activities
It is added that a testimony was secured against the 56-year-old during the examinations, following a relevant complaint. Specifically, it was reported that between 2003 and 2012, the specific Cooperative Credit Company granted loans and excesses to current accounts, to individuals and legal entities, without complying with the internal regulations of the Cooperative, but also in violation of the Law on Cooperative Companies.
The above were ascertained after audits carried out in the specific Cooperative Credit Company, by the Supervision Service for the Development of Cooperative Companies and the Central Cooperative Bank, during the years 2011-2013, while the total amount of loans, including interest, amounts to € 9,823,399.
TAE Famagusta is investigating the case.