Cyprus Supreme Court rejects request to cancel search warrants in crypto fraud probe

The Supreme Court of Cyprus, presided over by Judge E. Ephraim, has rejected an application to cancel search warrants for two bank safe deposit boxes in Limassol. The request for a certiorari order was filed by two individuals, identified as an Israeli couple (A.A.T. and Y.O.T.), who are the subjects of a French criminal investigation. These warrants were issued following a European Investigation Order from France regarding a large-scale cryptocurrency fraud active since 2020. The criminal operation allegedly utilized dozens of fake investment platforms and consultants to deceive victims across France and Europe. In its ruling, the Supreme Court established that authorities do not require specific evidence of items stored within boxes to justify a search if reasonable suspicion exists. The court emphasized that such measures are proportionate when investigating complex modern financial crimes and organized international groups. This decision allows investigators to access the boxes despite the owners' refusal to provide keys or consent.