Cyprus freezes assets of Girin brothers

During an international operation named YUZUK, conducted by local law enforcement agencies in cooperation with Europol, several real estate properties, luxury cars, and cash were seized in Cyprus, while cryptocurrency assets worth 24 million euros were frozen.

The operation lasted approximately one year and, according to the Cyprus Police press office, was directed against a criminal network engaged in money laundering. The network was led by two Ukrainian businessmen who, having obtained "golden" passports, settled in Limassol. This likely refers to Vladlen and Hennadii Girin, whose names became known in connection with this investigation. Last November, media outlets already reported on their arrests.

According to the investigation, under the Girins' leadership, citizens of third countries transported cash from various parts of Europe to Cyprus. Operation YUZUK covered several countries, including Cyprus, Croatia, France, Germany, Slovenia, and Spain. As a result of coordinated law enforcement actions on 28 October 2024, arrests were made in these countries. In Cyprus, 13 search warrants were issued for residential and commercial premises.

During searches in Limassol, more than 650,000 euros in cash, jewellery, mobile devices, and banking documents were found. In addition, six luxury cars worth more than 650,000 euros were confiscated, as well as 14 apartments with a total value of over 7 million euros. The Cyprus Police, with the support of Europol and Spanish authorities, also froze cryptocurrency assets worth 24 million euros.

The results of Operation YUZUK are as follows:

• 23 people were arrested (20 in Spain, 1 in France, and 2 in Slovenia);
• 17 suspects were prosecuted;
• 91 searches were conducted (77 in Spain, 1 in France, 13 in Cyprus);
• 8.2 million euros in cash were seized;
• 24 million euros in cryptocurrency were frozen;
• 2 million euros in bank accounts were seized or frozen;
• 36 vehicles, including luxury cars, were confiscated;
• a large quantity of luxury watches, jewellery, and electronic devices were seized.

The organised criminal network, which consisted primarily of Ukrainian citizens, as well as representatives from Armenia, Azerbaijan, and Kazakhstan, provided courier and illegal banking services to other criminal groups. Citizens of China involved in money laundering were also part of this network. The network provided so-called "crime-as-a-service" facilities, which were used for illegal drug operations, tax evasion, and smuggling of illicit goods, predominantly in Spain.

Europol also noted that among the group's members were Ukrainian refugees who had utilised the EU's temporary protection programme since 2022. These individuals used the Girins' services to transfer their funds to Europe to protect them from the consequences of the war. The criminal group exploited loopholes in legislation to move large sums of cash without thorough customs checks. Later, when couriers were arrested, the network switched to cryptocurrency operations, which complicated the tracking of financial flows.

Preliminary data indicates that at least 75 million euros were moved between March 2023 and February 2024.