Savvas Kakas detained in Cyprus over €12 million fraud probe

Cyprus police have placed the 62‑year‑old land‑development businessman Savvas Kakas under a four‑day detention order issued by the Larnaca Provincial Court. The court’s order follows investigations into eleven opened fraud cases linked to Kakas and his development group.

Authorities allege that Kakas defrauded foreign investors of roughly €12 million through misrepresented real‑estate projects in Larnaca and its surroundings. Complaints involve investors from Israel, Lebanon, the United Kingdom, France and Russia, who claim they paid up to €7 million in cryptocurrency and other funds for hotel, residential and commercial developments that were never properly documented. Prosecutors are examining charges that include conspiracy to commit a crime, false representation, document forgery, circulation of false documents, money‑laundering and illicit financial transactions.

Kakas is also a witness in two separate citizenship‑by‑investment investigations, further complicating the legal scrutiny he faces.