Cyprus Mail
Cyprus

Ayia Fyla loan suspects face Criminal Court

Eight people arrested in connection with a loan scam at Limassol’s Ayia Fyla cooperative bank were on Friday referred to the Criminal Court for trial.

The first hearing was scheduled for July 19.

The eight suspects – a businessman, five members of the co-op’s committee, and two executives — have been linked to a scam where loans were granted without the required collateral.

They were released after posting a €100,000 bail.

The suspects surrendered their travel documents and were ordered to report to a police station twice a week.

The case concerns nine loans worth €4.6mln granted to the businessman, 60, between 2003 and 2006, without the necessary collateral.

Including interest and late fees, the amount reached around €8.8mln.

Two other similar cases involving the same cooperative have been filed with Limassol Criminal Court.

The first case related to the 2006 to 2009 period and dodgy loans worth €9.6 million, and the second related to the approval of 11 loans worth €11.9 million between 2007 to 2009.

Some of the individuals arrested were also implicated in the previous two cases, police sources said.

 


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