Europol Unveils Money Laundering Scheme Run by Two Ukrainian Brothers in Cyprus

Europol has revealed details of an operation targeting a criminal network involved in human trafficking and money laundering, which led to significant arrests and asset seizures in Cyprus. The Republic of Cyprus Police confirmed its role in the successful operation, in which over 20 suspects were arrested, cryptocurrency assets worth tens of millions of euros were frozen, and millions in cash, luxury cars, and other valuables were confiscated.

The operation, codenamed "YUZUK," lasted a year and aimed at dismantling a large-scale money laundering ring. According to the Philenews newspaper, the criminal group was allegedly led by two Ukrainian brothers, both Cypriot citizens, who had obtained citizenship through the Cyprus Investment Program. The scheme involved foreign nationals transferring large sums of money from European countries to Cyprus, which also served as a hub for money laundering.

The operation was carried out on October 28, 2024, with the cooperation of police forces from Cyprus, Spain, and France, under Europol's coordination. The Cypriot police only released the details of the arrests today.

In Cyprus, officers from various departments, including TAE, YKAN, YAM, and OPE Limassol, executed 13 search warrants, with the support of Europol and Spanish authorities. They seized over 650,000 euros in cash, numerous valuable items, electronic devices, mobile phones, and banking documents during their raids.

In addition to the cash, over 25 million euros in cryptocurrency were frozen, and six luxury vehicles worth more than 650,000 euros were confiscated. Authorities also placed 14 apartments, valued at over 7 million euros, under arrest.

On a broader European level, the results of the "YUZUK" operation include:

• 23 arrests across Spain, France, and Slovenia,
• Searches conducted at 90 homes in Spain, France, and Cyprus,
• 8.2 million euros in cash seized,
• 29.5 million euros in cryptocurrency frozen,
• 36 luxury vehicles confiscated,
• Items valued at hundreds of thousands of euros seized.

Police forces from Cyprus, Croatia, France, Germany, Slovenia, and Spain, alongside Europol and Eurojust, all contributed to the operation.