The Cyprus Police participated in Operation YUZUK, a joint European effort led by Europol to dismantle a criminal network involved in money laundering and illegal money transfers. The operation resulted in over 20 arrests, the freezing of cryptocurrencies worth tens of millions of euros, and the seizure of millions in cash, luxury vehicles, and other valuable assets.

In its announcement, the Cyprus Police stated that Operation YUZUK spanned a year and aimed to dismantle a criminal organization specializing in the legalization of proceeds from illegal activities.

According to the announcement, the criminal network was allegedly headed by two Ukrainian-born siblings residing in Limassol. The brothers, who had acquired Cypriot citizenship through the Cyprus Investment Program, are believed to have orchestrated the illegal activities.

The network reportedly operated by using third-country nationals to transport large sums of money from various European countries to Cyprus, which served as a transit hub.

On October 28, 2024, a coordinated day of action was carried out by police forces from Cyprus, Spain, and France, with support from Europol.

In Cyprus, 13 search warrants were executed at residences and properties in Limassol by members of the Cyprus Police, including the Criminal Investigation Department, the Drug Law Enforcement Unit, the Rapid Response Unit, and Europol representatives. Spanish authorities also participated.

Operation YUZUK involved law enforcement authorities from Cyprus, Croatia, France, Germany, Slovenia, and Spain, supported by EU agencies Europol and Eurojust.

During the searches in Limassol, authorities seized:

• Over €650,000 in cash

• A significant quantity of valuables

• Multiple electronic devices, mobile phones, and banking documents

• Cryptocurrencies worth €24 million

• Six luxury vehicles valued at over €650,000

• A freezing order was issued for 14 apartments worth over €7 million

Across Europe, the operation led to:

• 23 arrests in Spain, France, and Slovenia

• Searches of 90 properties

• Seizure of €8.2 million in cash

• Freezing of €29.5 million in cryptocurrencies

• Confiscation of 36 luxury cars

• Seizure of valuables worth hundreds of thousands of euros