Cypriot police probe financial activities of former Chelsea owner Abramovich

Police in Cyprus have formally launched an investigation into the financial affairs of Russian billionaire Roman Abramovich following allegations that accounting firm Deloitte Cyprus helped falsify documents to hide his offshore wealth and evade taxes, according to a report by the BBC.

​The announcement was made during a parliamentary committee meeting in Nicosia focusing on anti-money laundering measures. A Cypriot Ministry of Justice official confirmed that the findings from a joint investigation by BBC Panorama and the Bureau of Investigative Journalism (TBIJ) would be examined by the police’s Financial Intelligence Unit to determine whether criminal acts, fraud, or document manipulation occurred.

​The joint report revealed that backdated accounts signed off in 2006 effectively removed $672 million (£508 million) in luxury assets—including superyachts, private jets, and mansions—from Abramovich’s corporate balance sheets, alongside schemes designed to bypass substantial tax liabilities. Cypriot police representative Andreas Anastasiades confirmed that the Financial Crime Unit has begun gathering evidence for an inquiry expected to last several months, targeting any involved individuals or corporate entities.

​Lawyers representing Abramovich have strongly denied that he evaded taxes or concealed his fortune, maintaining that he relied legitimately on independent, professional tax advice without personal knowledge or direction of document falsification. Deloitte Cyprus stated that it operates in compliance with applicable laws, noting that it is unable to comment further on documents over two decades old.