Businessman Savvas Kakos was released on Sunday without being charged after the four-day detention order issued by the Larnaca District Court on 29 July expired.
The Larnaca CID, which is handling the complaints lodged against him, said the 62-year-old businessman had been released from custody and that investigations were continuing to complete the criminal inquiries.
Mr Kakos was arrested on 28 July following a number of complaints filed by foreign investors who claim they were defrauded by the businessman in connection with property purchases and land development investment projects.
As stated before the court, police are investigating 11 separate cases involving allegations of:
- Conspiracy to commit a felony
- Obtaining money by false pretences
- Preparing documents without authority
- Forgery
- Circulating forged documents
- Fraudulent transactions involving property belonging to another person
- Fraud in the sale of property
- False accounting by a company director with intent to defraud
- Defrauding creditors
- Money laundering
The offences under investigation are alleged to have been committed between 2022 and 2024.
Whether criminal charges will ultimately be brought against Mr Kakos will be decided after the investigative process is completed and the case files are forwarded to the Legal Service for legal advice.
Mr Kakos's lawyer, Antonis Demetriou, has stated that all of the matters presented before the court are civil in nature and that lawsuits have been pending between the parties for years.
He further alleged that his client was the victim of usury by a particular Israeli businessman who appears as a complainant in the police investigation.
According to Mr Demetriou, that individual fraudulently acquired two hotels in Larnaca from Mr Kakos, assets which were originally owned by the 62-year-old businessman and which he claims had a combined value of €60 million.
