Cypriot police arrested a 52-year-old woman in Prague on suspicion that she was involved in scamming a Cypriot businessman for €300,000.

A European arrest warrant was issued against the woman – who has now been brought to Cyprus – and six others in connection with the crime, which includes fraud and money laundering.

The businessman told police that he had been promised a loan of €50 million from a bank in Asia if he paid €100,000 cash in advance to sign the contract and a further €200,000 as expenses for the intermediaries.