A 65-year-old man is under arrest and two more suspects are wanted on suspicion of fraud by false representation, police said on Friday.
The alleged offence was reported to the police by a 57-year-old resident in the Nicosia district.
He told police that between May 2020 and June 2021, he had paid another man who told him he was a real estate agent €400,000 to buy land from a specific company.
The complainant said he has not yet received ownership of the land.
Instead, he told police that the man had introduced him to a 68-year-old man who said he was the company manager handling the specific pieces of land.
The 54-year-old suspect also gave him two handwritten notes signed by him and two other witnesses, the 68-year-old and the 65-year-old man who was later arrested.
Following police investigations, it emerged that the 68-year-old has no connection with the company.
Arrest warrants were issued for all three suspects. Officers arrested the 65-year-old on Thursday.