An Iranian businessman, who holds a Cyprus passport, was sanctioned by the United Kingdom on Tuesday for allegedly helping to finance Iran’s revolutionary guard (IRGC).

Ali Ansari, who amassed a European property portfolio worth an estimated €400 million, is accused by the UK authorities of acting as a financier for the regime.

The UK government froze his London assets following the recent collapse of Ayandeh Bank, an institution linked to his family.

A Financial Times investigation, based on corporate filings, found that Ansari built the portfolio through a complex network of offshore companies registered in jurisdictions including Luxembourg, Saint Kitts and Nevis, Austria, Germany and Spain.

He is at present not subject to EU sanctions.

The findings have drawn renewed attention to Cyprus, which granted Ansari citizenship, amid broader scrutiny over how wealthy individuals with close ties to the Iranian ruling system continue to acquire assets in Europe despite international sanctions.

UK authorities have decried Ansari as corrupt, and allege that his financial activities benefited the IRGC, an active force in the violent suppression of protests in Iran.

Ansari has denied the allegations through his lawyer, who dismisses claims to any financial relationship with the Revolutionary Guards.