Simon Aykut Sentenced to Five Years in Prison for Real Estate Fraud in Northern Cyprus

The Heavy Crimes Court in Lefkoşa sentenced 74-year-old Israeli-Cypriot businessman Simon Aykut to five years in prison for the illegal use and sale of Greek-Cypriot properties in Northern Cyprus.

Aykut, former head of the construction company Afik Group, was arrested in June 2024. Investigations revealed that his company was involved in the development and sale of plots belonging to Greek-Cypriots who had left their homes after 1974. He faced 242 charges, including fraud, illegal property possession, and money laundering.

During the trial, Aykut admitted guilt on 40 counts, allowing the prosecution to seek partial mitigation of the sentence. The remaining charges were dropped as part of a plea agreement. The court considered the defendant's age and health, but noted the “systematic and prolonged nature of the criminal actions,” causing damage worth tens of millions of euros.

The sentence came into immediate effect, with the pre-trial detention period, starting in June 2024, credited toward the prison term.

According to Aykut's lawyer, the admission of guilt and cooperation with authorities reflect his client’s remorse. However, the court stated that the sentence should serve as a warning to other developers illegally using disputed properties.

This case became one of the most high-profile trials in recent years concerning property issues on the divided island. Experts note that the sentence could set a precedent for future cases related to the use of property belonging to displaced persons.