New details are surfacing in a massive money laundering case cracked open by a Europe-wide operation.
Last week, it was made known that two Ukrainian brothers were allegedly masterminding money laundering operations from Limassol and that one had been arrested abroad while the other was at large.

Ukrainian media said the masterminds were well-known businessmen operating from Kherson, Ukraine.
Investigations into the multi-million case are continuing.

Under the businessmen in Kherson, third country citizens were transferring money from various European countries to Cyprus.

The two brothers from Ukraine were living in Limassol on Cypriot passports they obtained through the now defunct citizenship-by-investment programme.

Cyprus Mail sources were unable to confirm if any other suspects were under surveillance in Cyprus.
In the framework of the Europol and Eurojust joint operation that started over a year ago, large sums of money and luxury cars have been confiscated, while €24 million worth of cryptocurrencies have been frozen.

The aim of the operation was to clamp down on organised crime, linked to money laundering in Cyprus, the police said on Monday.

Cyprus’ police participated in the bust, during which 23 suspects were arrested in several European countries.

Specifically, 20 were arrested in Spain, two in Slovenia and one in France, while sites were searched in Spain, France and Cyprus.

Europol said the organised criminal organisation, comprising mainly people from Ukraine, Armenia, Azerbaijan and Kazakhstan, offered fast delivery and illegal banking services to other criminal organisations.

It was also believed that Chinese citizens were involved in money laundering services.

The network had a pricelist for the crimes, which was used by Russians and Asians involved in the drug trafficking, tax evasion and smuggling, mainly in Spain.

Europol said the suspects had abused the status of temporary protection offered by the EU to Ukrainian refugees since 2022, as well as other people affected by Russia’s war against Ukraine.

The two brothers were allegedly using Ukrainian refugees who had transferred their savings in cash to Europe for protection.

The group also exploited exceptions given to facilitate the transfer of money, by transferring sums without detailed questions or control during customs procedures.

By declaring the money as part of property, members of criminal boss families regularly travelled to Spain, Cyprus, France and other countries, Europol said.

After the arrest of many people transferring money, the criminal organisation changed its tactics, turning to cryptocurrency, which was harder to detect.

It is estimated that €75 million was transferred from March 2023 till February 2024.

Meanwhile, Cyprus police have been reluctant to release many details outside Europol announcement, but a spokesman did confirm to the Cyprus Mail that there have been no actual arrests in Cyprus yet.
The operation, codenamed Yuzuk, lasted a year and targeted criminal activity and money laundering.

The criminal organisation seemed to be operating in specific manner – a large number of third country nationals transferred large sums of money from European countries to Cyprus, which was used as a transit station.

On October 28, 2024, the police forces of Cyprus, Spain and France, along with Europol, carried out a joint operation.

In Cyprus, 13 search warrants were carried out at various places.

Investigations in Limassol resulted in over €650,000 in cash confiscated, along with various valuables, electronics, mobile phones and bank documents, among others.

Over €25 million in cryptocurrencies were frozen, while six luxury cars valued at over €650,000 were also confiscated.

Furthermore, Cyprus’ money laundering unit Mokas held 14 apartments valued at over €7 million.
On a European level, in the framework of Yuzuk, 23 people were arrested in Spain, France and Slovenia, 90 residences were searched in Spain, France and Cyprus, €8.2 million in cash were confiscated, €29.5 million in cryptocurrency were frozen, 36 luxury cars and assets were confiscated, and valuables worth hundreds of thousands of euros were also confiscated.