Arrest of Entrepreneur on Serious Fraud Charges
July 29, 2026
Real estate entrepreneur Savvas Kakos was arrested and placed under four-day detention for serious offenses allegedly committed from 2022 to 2024, involving a total amount of €12 million. There are 11 complaints against him, including conspiracy, fraudulent misrepresentation, and forgery. One key complaint involves an Israeli investor who paid €7 million in cryptocurrencies for business agreements, which reportedly did not occur. Police have also discovered forged sales documents. The penalties for these offenses can reach up to 14 years in prison.