Cyprus-Based Broker Executives Arrested in $77 Million Fraud Investigation

Russia’s Federal Security Service (FSB) has arrested executives of a Cyprus-based broker over alleged fraud involving more than 7 billion rubles (around $77 million).

Three suspects have been detained, while two others have been placed under house arrest.

Authorities searched properties in Moscow and St Petersburg, seizing more than 100 million rubles in cash, documents, company stamps, and digital devices containing cryptocurrency wallets.

The FSB alleges that the broker illegally traded shares of Russian energy and telecommunications companies using forged documents, violating sanctions-related rules and causing significant financial losses.

Meanwhile, Cyprus has also faced increased scrutiny over financial crime concerns. A shooting was recently reported at a broker office building in Limassol, while local authorities have investigated alleged money laundering and criminal activities linked to some financial firms.

The investigation remains ongoing as authorities continue to examine possible illegal activities involving offshore brokers.