A businesswoman and three employees of a former co-op in eastern Limassol were arrested on Wednesday in connection with loans amounting to over €800,000 given by the lender with collateral from non-existent people.
Police arrested a 59-year-old businesswoman, another woman, 62, who was the bank outlet’s secretary and two employees of the branch in question, a 51-year-old man and a 42-year-old woman.
The arrests followed a report by the Central Co-operative Bank’s loan processing department, that during an audit of the branch in question, which closed down earlier this year, it emerged that the businesswoman had allegedly received 10 loans amounting to €826,964, between 2002 and 2018. The two employees were allegedly the ones verifying the signatures of those persons, who, it emerged do not exist.
The four suspects are to be brought in court on Thursday for remands.