A substantial investigative effort is involved in the fourth case submitted to court regarding the naturalization of foreign entrepreneurs and investors, Police Spokesperson Christos Andreou told Cyprus News Agency. He noted that the evidence presented to the court comprises 200 box files.

Speaking to CNA in connection with the case filed last Friday at the Nicosia District Court concerning naturalizations under the Cyprus Investment Program, Mr. Andreou stated that this is the fourth case submitted to the court. He added that a significant number of other cases are also under investigation concurrently.

"This is a substantial case, and the evidence consists of 200 box files. These cases are always investigated in coordination with and under the guidelines of the Legal Service. The volume of evidence indicates the extent of the work done," Mr. Andreou said.

According to Christos Andreou, there are ten defendants in the case—eight individuals and two legal entities—facing a total of 59 charges, including conspiracy to defraud and corruption.

Among the individuals charged with these offenses, who will appear before the Nicosia District Court on October 30, 2024, is the former Minister of Transport, Communications, and Works, Marios Demetriades. In a post on his personal Facebook page yesterday, he referred to a "preconceived targeting" of him and "false allegations and malicious accusations," while also mentioning a "distortion of reality."

>>Former Minister Marios Demetriades Charged in Cyprus Investment Program Case<<

"Some people thought I would be the scapegoat for their own responsibilities, mistakes, and omissions. However, it will be proven otherwise. I have complete confidence in the justice system, knowing that in the end, truth and justice always prevail," he stated, among other things.

It is noted that all defendants are presumed innocent until proven guilty by the court beyond a reasonable doubt.

The investigation into this specific case began in July 2021, prompted by the report of a three-member committee headed by then-Chair of the Cyprus Securities and Exchange Commission, Demetra Kalogerou. The committee was established by the Council of Ministers in November 2019 to review investor naturalizations.

Meanwhile, a meeting that began at 10:00 am on Tuesday at the Legal Service regarding the naturalization cases of foreign entrepreneurs and investors concluded shortly after noon.

Mr. Andreou told CNA that other cases currently under investigation were also examined during the meeting at the Legal Service, chaired by Attorney General George Savvides.

The meeting included the Chief of Police and investigators, focusing on ongoing naturalization cases that are under investigation and at an advanced stage.

According to CNA, instructions were provided by the Legal Service during the meeting for further handling of these cases.

The meeting was held as part of the regular sessions convened by the Legal Service to discuss these cases.