Cyprus Mail

Bank fraud suspects remanded (Update)

THREE people – two men and a woman – were remanded in custody for four days in Limassol on Friday in connection with obtaining a €650,000 loan by presenting fake documentation.

Police arrested two Greek Cypriots, 45 and 37, and a 41-year-old Romanian woman, who are suspected of defrauding a foreign bank of €650,000.

The court heard that the 45-year-old had had opened an account at the bank on behalf of a shipping company whose main shareholder was the woman.

After that, the man applied for a €950,000 loan.

As part of the procedure, the bank asked for statements of the company’s accounts that were kept at a different bank.

The contracts were signed by the woman who appeared as the beneficiary. The money was deposited to the company’s account on July 1, 2016 before the bank found out that the statements had been altered and the beneficiary was the 37-year-old.

CID chief Ioannis Soteriades told the court that the bank had found out the documents relating to the company’s finances had been forged.

The three suspects did not object to their remand. Their defence lawyers told the court they were willing to co-operate with the investigators.

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