A 45-year-old man has been arrested for allegedly swindling another man out of over €100,000 after the pair agreed to purchase property together, the police said on Saturday.

The man was arrested in Limassol on Friday, with the police saying that the incident took place between June and November this year.

The police said the case had been reported to them by a 50-year-old man, who said that in June and July, he and the 45-year-old had agreed to “cooperate on the purchase of apartments”, and that as such, he had given the 45-year-old €103,000.

After the 45-year-old “failed to proceed with the agreed-upon procedures”, the police said, the 50-year-old asked for his money back.

However, the 45-year-old reportedly “made various excuses to delay the refund” and has not communicated with the 50-year-old since September, having only returned €4,860 so far.

The police’s investigation into the matter is ongoing.