Cyprus Times

Gallery Owner G. Tsagarakis Released on Bail of 50,000 Euros. What He Said in His Testimony

Published March 24, 2026, 17:09
Gallery Owner G. Tsagarakis Released on Bail of 50,000 Euros. What He Said in His Testimony

Gallery owner Giorgos Tsagarakis was released on restrictive terms after his testimony to the investigating judge. The terms include mandatory appearance at the police station, a travel ban, a 50,000 euro bail, and a ban on selling antiquities. Dealing with paintings is allowed only with a certificate of authenticity. His employee was released without conditions. Mr. Tsagarakis denied the charges and claimed that the 18th-century Gospel in his possession was given to him by a foreign associate. He argued that the money found in his possession was fully justified by his business activities and that he tried to verify the authenticity of the artworks. Regarding the paintings found in his warehouses, he claimed they were family heirlooms. He stressed that there was no intention to deceive and that the process of checking the artworks was inadequate. The case is ongoing and investigations are expected to continue to determine the authenticity of the artworks and the legality of the transactions.