Paphos district court released on bail the 29-year-old man, wanted on a European arrest warrant for obtaining €162,000 from his business partner.
The court suspended the hearing of his case to next Tuesday, and ruled that until then, the man is released on bail.
Police arrested the man on Tuesday early afternoon in Paphos.
According to reports the man was planning to open a company in Slovakia with another person. Between November 2015 and January 2016, the man obtained €162,000 from his business partner and fled to Cyprus.