Paphos court remanded a 23-year-old migrant for seven days on Thursday on charges of unlawful possession of goods, forged documents, money laundering and false registration.
Police are also searching for a second person in connection to the crimes.
Seven Romanian IDs bearing the photo of the 23-year-old but with different names were found during the search of his home on Wednesday evening.
From police examinations so far, the 23-year-old is alleged to have banked with Romanian faked IDs and opened accounts. He also applied to the Registrar of Companies and signed a company in his name.
The 23-year-old native of Romania was transferred to the Paphos CID offices where he admitted committing the offences and named his accomplice.