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Cyprus

Ayia Fyla suspects referred to criminal court

Eleven suspects believed to be embroiled in an almost €12 million loan scam at Ayia Fyla co-op will appear before the criminal court on March 17, Limassol district court decided on Tuesday.

They were allowed free on a €100,000 bail, after handing over their travel documents to authorities.

They will also be required to present themselves to a police station three times a week.

The suspects face a total of 212 charges for 11 loans between 2007 and 2009 valued at €11.9m.
Loans were granted without the necessary collateral, property was overvalued, there were unjustified deposits to accounts, and gifts were used to get people to sign as guarantors.

On Wednesday, six suspects in the case will appear before Limassol’s criminal court for another Ayia Fyla co-op loan scam where between 2006 and 2009, €9.6m of loans were dished out in the same way.

They are a 54-year-old land developer, his 42-year-old company manager, a former co-op committee member aged 65, the bank’s secretary, aged 55, the department head for granting loans aged 43, and his 40-year-old assistant.

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