A 50-year-old man was remanded in custody for eight days by Limassol district court on Saturday in connection with the reported theft of €800,000 from a company in Limassol.

The suspect is being investigated in relation to alleged theft by a director and money laundering offences.

Police said the case concerns the reported theft of around €800,000 from a Limassol-based company between 2016 and 2019.

According to police, the suspect was located and arrested in a foreign country under a European arrest warrant.

He was transferred to Cyprus on Friday, where he was re-arrested under a court warrant.

Limassol CID is continuing investigations.