Two Arrested in Fake Insurance Investigation

B.Y. and Y.B., detained on charges including issuing fake insurance policies, obtaining money by fraud, online fraud through information systems, impersonation, issuing fake bank orders, and drug possession, were brought before court in Nicosia.

Police officer Berk Çakır from the Financial Crimes Unit testified in court, outlining the case.

Çakır said the suspects allegedly operated an insurance scheme for commission, producing an unspecified number of fake personal accident insurance policies between 21 April and 5 May 2026 in Nicosia, using credit card data of 25 individuals through a licensed insurance company.

He stated the suspects transferred 5.7 million TL, corresponding to insurance payments, to various bank accounts via mail order systems and virtual POS devices, and allegedly obtained the funds.

Police said the suspects were arrested on 2 June, and two mobile phones were seized as evidence. A search was also carried out at their residences.

Authorities reported that 500 milligrams of a controlled substance and another mobile phone were found at the second suspect’s residence. At the first suspect’s residence, several documents were seized, while 49,190 TL, 40 euros, 10 British pounds, 100 US dollars and various documents were found at their workplace.

Police stated that the documents included names of individuals from whom payments were processed via the mail order system.

Both suspects reportedly gave statements admitting the offences.

Police said the investigation is at an early stage, with further statements to be taken and efforts ongoing to identify individuals whose names appear on the policies.

Judge Şevket Gazi approved the request and ordered a two-day remand.