Businessman Savvas Kakos arrested on felony charges – €12 million across 11 cases
The 62-year-old Greek Cypriot property developer Savvas Kakos was arrested on felony charges relating to property transaction documents. His lawyer rejects the allegations and speaks of Israeli interests.
Kakos arrested in Larnaca: 11 cases, €12 million and lawyer's negative stance
Well-known land development businessman Savvas Kakos, 62, was arrested yesterday by the Larnaca Crime Investigation Department (TAE) on suspicion of a series of felonies, according to Philenews. Today he will be brought before the Larnaca District Court, where the TAE will request an eight-day remand order.
11 cases and total amount of €12 million
The offences under investigation concern 11 cases with a large number of complainants, who claim they were defrauded by the Greek Cypriot businessman. All cases concern acts allegedly committed between 2022 and 2024 in the Larnaca district, with the total amount allegedly swindled amounting to €12 million.
According to a well-informed source, the substance of the complaints concerns property purchase and sale contracts that were lodged with the Land Registry and for which money was paid, but which were subsequently withdrawn.
Seven felony counts
The head of Larnaca TAE, Giorgos Charalambous, stated that the arrest concerns ten investigated offences. In detail, the offences against Mr Kakos are:
- Conspiracy to commit a felony (sentence up to seven years)
- Obtaining money through false representations (sentence up to five years)
- Preparing documents without authority (sentence up to seven years)
- Circulating a forged document (sentence up to seven years)
- Fraudulent dealings in the immovable property of a third party (sentence up to seven years)
- Fraud in the sale of property (sentence up to four years)
- False accounts with intent to defraud, defrauding creditors and laundering proceeds from illegal activities
Most of the offences carry a prison sentence of up to seven years in case of conviction.
Israeli investors at the centre
Among the complainants from 2022 to the present are Israeli citizens who wished to acquire property in Cyprus either for investment purposes or for permanent settlement. One specific case was published by Philenews in September 2024: Israeli investors accused Mr Kakos of obtaining €3 million through false representations, via a lawyer who had travelled specifically to Cyprus in the early autumn of that year.
According to the allegations of the complainants, the money was intended for the purchase of a plot in Larnaca, which however was never purchased. The investors claim that they had agreed for the amounts to be deposited initially in an escrow account in Israel and to be released only upon receipt of certification documents from the Larnaca Land Registry. Allegedly, these documents were forged; in some cases, they claim, a purchase and sale contract was lodged with the Land Registry to obtain proof and subsequently a request for its cancellation was submitted, whilst at the same time documents were falsified for tax and other reasons.
Lawyer: "Israeli interests at play"
Antonis Dimitriou, the lawyer representing Mr Kakos, rejects the allegations and states to Philenews that his client has long since resorted to legal remedies for all the cases in question. According to Mr Dimitriou, civil cases are pending in the courts and at least two lawsuits have been filed by Savvas Kakos for a total of €20 million. In some cases there has been settlement, whilst in another an interim order has been issued.
The lawyer added that his client has submitted two complaints to the Financial Crime Investigation Office and indicated scheming connected with Israeli interests.
Witness for the prosecution in naturalisation cases
Meanwhile, Mr Kakos appears as a prosecution witness in two trials currently being heard which concern naturalisations. The first concerns the Cypriotisation of Iranian Mehdi Ebrahimieshratabadi — also known as Tony Newman — through the law firm Charis Kyriakides DEPE. The second concerns a number of naturalisations with ten accused persons, among whom is the former Transport Minister Marios Demetriades. The arrest of Mr Kakos has inevitably brought to the forefront of public debate his role in the said trials.
Source: Philenews