A 47-year-old Russian national was remanded in custody for three days in Limassol on Tuesday in connection with the theft of collectible banknotes worth over €1.6m.
The man, who presents himself as a legal adviser, had agreed with the owner of the collection, also a Russian national, to help sell it.
The court heard that the two men had agreed for the collection to be returned to its owner if the 47-year-old was unable to find a buyer within a particular timeframe.
The owner reported the suspect after he failed to return the valuable banknotes per their agreement.
The suspect claimed during questioning that the collection was worth much less than what the owner stated. He also told officers that he had stored the notes in a safe deposit box abroad.
The 47-year-old said the collection would be returned provided the owner paid him €20,000, an amount they had agreed before, for his services.