A 51-year-old woman was arrested on Tuesday in Limassol for allegedly transferring around €1.5 million from her company’s account to another account without authorisation.

According to the police, a 47-year-old man working at the company as a director reported that the 51-year-old, also a director, made unauthorised payments to another company, which resulted in fines being issued by the tax department.

Following a thorough investigation of the company’s accounts, registered in the name of the 47-year-old director, it emerged that the accused transferred around €1.5 million to an unknown foreign account.

Police issued an arrest warrant for the woman on Monday and she was taken into custody on Tuesday.

She will have to defend herself against accusations of company theft and money laundering.