An appeals court in Larnaca has released a 43-year-old Ukrainian man suspected of involvement in a money laundering case on bail, it emerged on Tuesday.

The man was released on €30,000 bail and had to surrender his travel documents to police.

His name will also be included on a stop list at the airport, and he will be required to present himself at a police station three times a week.

The case came to light after a 31-year-old woman from Ukraine complained that she had been robbed of a bag containing €420,000 in cash in Limassol, a few hours after her arrival in Cyprus via Larnaca airport.

The 31-year-old was later arrested as it was found that she had been coming to Cyprus over a long period of time and declaring exorbitant amounts of cash. In testimony given to police investigators, she implicated the 43-year-old man.