A 50-year-old man has been remanded for three days in relation to an alleged scam which defrauded a fellow 50-year-old of hundreds of thousands of dollars.

The suspect, a permanent resident of Larnaca, was arrested by Famagusta district police on Tuesday following a complaint submitted by a 50-year-old man. He alleged that the suspect promised to arrange a charter flight to take his associates from Belarus to Georgia and asked for $168,220.

The suspect, who introduced himself as a businessman involved in the sale of aircraft and special operations to repatriate foreigners from war zones, is under arrest as police investigate a case of fraud, extortion, money laundering, and illegal possession of a firearm.

Famagusta district police spokesman Steve Theodoulou said the suspect persuaded the alleged victim that he could arrange to charter an airplane and that the money was paid by bank transfer, after which the suspect asked for an additional $398,000.

The complainant at first agreed, and set conditions, however the suspect disagreed and started threatening him, demanding the additional payment and even visiting him with a gun. Frightened, the complainant paid the additional sum.

The suspect was arrested on Tuesday and his home was searched.