Financial Crime World

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Financial Fraud Cases in Cyprus on the Rise: Examples of Notorious Scams

In recent years, financial crime has become a growing concern in Cyprus, with numerous cases of fraudulent activities being reported.

Financial Services Companies and Investment Firms at Risk

Financial services companies and investment firms, as well as their directors and officers, have been found liable for financial losses suffered by investors due to negligent or fraudulent wrongdoing and regulatory violations. Banks, financial services companies, investment firms, forex brokers, dealers, portfolio managers, market makers, and other entities or individuals authorized to offer financial services to the public are among those who may be involved in such wrongdoings.

AGPLAW: A New Ally for Victims of Financial Crime

Cyprus-based victims of financial crime have a new ally in their fight for justice. AGPLAW’s Financial Services Regulatory Advisory team, in collaboration with its Litigation teams in Cyprus and the United Kingdom, has extensive expertise in handling financial crime cases in both countries.

Notable Cases Handled by AGPLAW

Our firm has successfully filed regulatory claims, technical reports, and complaints to various authorities, including:

  • The Cyprus Securities and Exchange Commission (CySEC)
  • The Financial Conduct Authority (FCA) of the UK
  • The Central Bank
  • The Cyprus Unit for Combating Money Laundering (MOKAS)
  • The UK Financial Intelligence Unit (UKFIU)

Notable cases handled by AGPLAW include:

  • A group action involving 53 claimants against a Cypriot investment firm whose license was suspended and later withdrawn by CySEC.
  • Representation of major banks in Cyprus, including:
    • Bank of Cyprus PLC
    • Hellenic Bank PLC
    • Alpha Bank (Cyprus) Ltd., on an ongoing retainer basis.
  • A class-action lawsuit filed against an investment broker-regulated by CySEC, FCA, and other regulatory bodies-in which a freezing injunction was successfully granted against the defendant’s bank accounts, resulting in a loss of over EUR 2 million to clients.
  • Representation of an individual trader who lost USD 1.8 million in FX trading with a well-known forex broker-market maker and secured a successful settlement.
  • A tracing order and freezing order issued by the Nicosia District Court for a financial fraud committed through internet banking violation, which assisted Cyprus MOKAS and UK Scotland Yard during criminal investigations.

If you or someone you know has fallen victim to financial fraud in Cyprus, AGPLAW’s experts are available to provide legal support and guidance. Contact us now to learn more about how we can help.