A 62-year-old businessman was remanded for four days by the Larnaca district court on Wednesday in connection with ten serious offences under investigation, from which he allegedly gained €12 million.

The offences under investigation include conspiracy to commit a felony, extortion by false pretences, preparing documents without authority, forgery and the circulation of forged documents.

They also include fraudulent transactions involving another person’s property, fraud in the sale of property, false accounts intended to defraud a company director, defrauding creditors and money laundering.

Police said the cases under investigation relate to complaints made over the alleged offences during the 2022-2024 period.

The businessman, who is active in the property development sector, is being investigated following complaints concerning property transactions, according to reports.

The complaints were reported in Larnaca over the three-year period in connection with alleged payments for developments that did not proceed.

Police have not released further details about the complaints or the individuals involved.

The suspect’s lawyer has dismissed the allegations and said his client has taken legal action over several of the disputes.

He said civil proceedings were pending and that his client had also filed complaints alleging fraud and money laundering against other individuals.

The defence has also questioned the decision to issue the arrest and search warrants and said it intends to challenge them through legal proceedings.

Police investigations are continuing.