The 57-year-old man wanted under European arrest warrant, who was arrested when he arrived in Paphos airport, was released on bail on Wednesday.
Police arrested the suspect during a passport check when he arrived in Paphos airport at 5.20pm on Tuesday.
The man is of Ukrainian descent and a permanent resident of Israel. He is wanted by Interpol for fraud related crimes committed in 2010 in Ukraine.
A temporary arrest warrant was issued against him in Cyprus and he was held in custody.
On Wednesday he paid €6,000 in cash for bail and was released on bond after he gave in his travel documents.
The suspect will report to police daily until he is extradited to Ukraine.