Two people were arrested and documents and electronic devices were seized by the Cyprus Authorities in the framework of the international operation ‘Chargeback’.
A Police press release says that on 4 November 2025, a coordinated Joint Action Day was held, within the framework of Operation ‘Chargeback’, with the aim of dismantling three major criminal networks active in the field of electronic fraud and money laundering. Cyprus was one of the countries that participated in the operation.
Based on the results of the operation, in 193 countries, more than 4.3 million cardholders were victims, the estimated financial loss is over 300 million euros, while fraud attempts exceeded 750 million euros.
Furthermore, with regard to the crime of money laundering, numerous shell companies were used in the United Kingdom and Cyprus, through which the illegal transactions were channeled, while ‘crime-as-a-service’ providers offered the shell companies complete organizational structures with fake directors and false identification documents.
The operation was carried out simultaneously in the states involved and they achieved the execution of 60 search warrants and 18 arrest warrants, seizure of documents, electronic data and communication devices and freezing of significant assets of the suspects.
The operation was successful thanks to the close cooperation between the authorities of Germany, Canada, Cyprus, Italy, Luxembourg, the Netherlands, Singapore, Spain, the United Kingdom, the United States of America, as well as to the assistance of EUROPOL and EUROJUST, it adds.
The active operational participation of Cyprus in the Joint Action Day resulted in the arrest of two persons, searches of company offices and residences, as well as seizures of documents and electronic devices.
Cyprus participated in the operation through the Cyprus Police, (Crime Combating Department), the Nicosia Divisional Police and the EUROPOL National Unit.