80 Thousand Dollar Insurance Fraud Scheme: One More Arrest in Nicosia
A suspect identified as H. S. has been arrested and brought before court in connection with an alleged scheme involving fake insurance policies, fraud by false pretences, cyber-enabled fraud, impersonation, money laundering, violation of personal data protection laws, and the issuance of fake bank orders in Nicosia.
Police officer Berk Çakır, attached to the Financial Crimes Unit, told the court that between August and September 2025, the suspect and the director of a local insurance company, Volkan Bilal Emirkanı, allegedly used the credit card details of 64 individuals to issue fraudulent car insurance policies.
It was further stated that payments were processed through a mail-order system and a virtual POS device, making the policies appear as paid, while a total of approximately $80,000 was transferred into bank accounts in the Turkish Republic of Northern Cyprus (TRNC) and subsequently appropriated by the suspects.
The police reported that the suspect was arrested on 14 June and that his mobile phone was seized as evidence. Examination of the device reportedly revealed credit card data matching the victims whose accounts were allegedly charged.
Investigators also identified seven additional individuals during the phone analysis, believed to be connected to the case.
Police said the investigation is ongoing, with further statements to be taken, including from individuals whose names appeared on the fraudulent insurance policies. Bank records are also being examined, and seven suspects remain at large.
Requesting an initial detention period, police asked for three more days in custody.
Presiding Judge Şevket Gazi approved the request and ordered the suspect to remain in custody for three days.
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