Cyprus Mail
Cyprus Property

Imprisoned real-estate scammer receives second jail sentence

By Constantinos Psillides

Real estate broker, property investor and notorious scammer Kypros Kyprianou, 55, has been sentenced to five years in prison by the Famagusta District Court.

He is already serving two years on similar charges since last March. The sentences will run concurrently.

Kyprianou, owner of Famagusta Developers, was found guilty on Tuesday of forging ownership documents of properties in the Paralimni area, with the intent of selling the property multiple times. On top of the sentence, Kyprianou was fined €6,000.

Famagusta Developers was already under liquidation.

Kyprianou was previously convicted and jailed for two years in March after being found guilty of selling a flat  in Paralimni twice in June 2010, collecting the amount of €100,000 from one buyer and €30,000 from another.

He already one conviction on his criminal record, since he was sentenced to six years in prison over a similar case in 1990

Kyprianou had made headlines in 2010, when police put him on the stop list – banned from leaving Cyprus – as eight complaints for fraud had been filed against him.

This was just one of several cases against Kyprianou, filed against him by Cypriot and foreign buyers.

He is also facing multi-million lawsuits from various construction companies he had used. In 1980 the defendant had set up Kyprianou Estates, but shortly afterwards was reported to police for selling the same property twice.

Kyprianou fled the island before the police investigation was complete but was arrested in Germany and extradited to Cyprus where he was jailed in 1990. He was released in 2000 and set up business again.

The former owner of Famagusta Developers in expected to find himself in court again, over a number of other pending cases.

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