Two individuals have been arrested and documents and electronic devices seized by Cyprus authorities during the international operation “Chargeback”.

A coordinated Joint Action Day took place on November 4 under Operation “Chargeback” aimed at dismantling three major criminal networks involved in electronic fraud and money laundering. Cyprus was among the 193 countries participating.

The operation revealed that over 4.3 million cardholders worldwide were victimised, with estimated financial losses exceeding €300 million and fraud attempts surpassing €750 million.

Money laundering activities involved numerous shell companies in the UK and Cyprus, using fake directors and false identification documents provided by “crime-as-a-service” providers.

Across participating countries, 60 search warrants and 18 arrest warrants were executed. Authorities seized documents, electronic data, communication devices and froze significant assets.

Cyprus police emphasised that the success of Operation “Chargeback” was largely due to close cooperation among law enforcement agencies from Germany, Canada, Cyprus, Italy, Luxembourg, the Netherlands, Singapore, Spain, the UK, the USA, and support from Europol and Eurojust.

In Cyprus, local law enforcement and the Europol National Unit led the operation, resulting in arrests, searches of company offices and residences and seizures of evidence.