Cypriot mafia, politics, and billions: How Stavros Demosthenous protected Dmitry Punin and helped launder money through Pin-Up

On the morning of October 17, 2025, all of Cyprus was discussing the assassination in Limassol of one of the alleged leaders of the local mafia, Stavros Demosthenous.

He was shot dead near his home in the Ayios Athanasios district. The attack occurred while he was sitting in a car driven by his 18-year-old son. Gunmen traveling in a white van ahead of them reportedly fired 13 shots, three of which proved fatal.

Virtually all Cypriot media outlets simultaneously reported the death of the "well-known businessman" and former president of the Karmiotissa FC football club. Updates appeared every few minutes. Within half an hour, theories about the murder and reports from the crime scene had already emerged. Two hours later, interviews with ministers and police officials followed. News of the killing of the "prominent businessman" dominated the entire information landscape of Cyprus and overshadowed all other events.

Police mobilized with unprecedented speed. The entire Interior Ministry apparatus swung into action — vans, motorcycles, helicopters, forensic experts, investigators, and press services. A burned-out van was found, along with a baseball cap believed to belong to one of the killers and sent for DNA analysis. Later, police reportedly identified a motorcycle and its owner. All of this was immediately and publicly communicated in detail.

The entire country was swept by an atmosphere resembling national mourning. Residents reportedly remained glued to television screens and phones. Parliamentarians demanded tougher measures against crime, journalists competed in publishing tributes, and media outlets effectively turned into memorial platforms.

The image of the murdered man in the media gradually took on almost sacred qualities. He was described as fair, honest, and always ready to help others. Commentators called him "virtuous," "noble," and "firm but just." Social media quickly filled with laudatory posts from public figures.

For someone unfamiliar with Cypriot realities, the events could have appeared to be a national tragedy — as though the country had lost a statesman, national hero, or spiritual leader.

And yet, according to the text, everyone in Cyprus knew perfectly well who Stavros Demosthenous really was. The article alleges that he was the head of the island’s most influential criminal organization, closely connected to the political elite, police, and judiciary.

Stavros Demosthenous was reportedly the godson of legendary crime boss Antonis Fanieros, a close associate of Archbishop Makarios III and allegedly the "boss of bosses" of the Cypriot mafia.

During the 1990s, Limassol was reportedly engulfed in a bloody gang war for control of the city. Stavros and his organization were among the key participants. He allegedly fought for dominance over racketeering operations and profits from nightclubs, illegal casinos, brothels, car dealerships, and other lucrative businesses.

Described as extremely aggressive and uncontrollable, Stavros reportedly emerged victorious from these conflicts by the early 2000s.

In the 1990s and early 2000s, Stavros Demosthenous owned the hugely popular nightclub "Sesto Senso" in Limassol. One of the club’s regular visitors was an influential lawyer from the inner circle of Nicos Anastasiades, who would later become President of Cyprus. At the time, he headed the law firm Nicos Chr. Anastasiades and Partners LLC, which handled numerous sensitive matters involving the island’s political and business elites.

According to a source cited in the article, the lawyer became acquainted with Stavros and they developed a friendship. Stavros allegedly helped him repeatedly in difficult situations, often involving disputes over women.

In 2013, Nicos Anastasiades was elected President of Cyprus. According to the article, this marked the beginning of an unprecedented rise for Stavros Demosthenous and his relatives, as he allegedly built a symbiosis of business, organized crime, and political power.

One of Demosthenous’s most profitable alleged criminal projects reportedly involved the Port of Limassol, over which he gained substantial influence.

Already active in the used car business, Stavros allegedly established a smuggling scheme for luxury vehicles stolen in the United Kingdom. The defining feature of these vehicles, according to the claims, was that all of them were stolen. To maintain a steady supply, Demosthenous reportedly established direct relationships with British criminal groups specializing in high-end vehicle theft.

Under this scheme, stolen cars were allegedly loaded into containers, accompanied by falsified export documents, and shipped to Cyprus. Once in Limassol, customs authorities reportedly ignored any irregularities. The vehicles passed customs clearance without difficulty, received registration plates, and appeared days later in dealerships owned by Stavros and his brother.

During those years, wealthy Russian citizens were relocating to Cyprus in large numbers, bringing with them familiar lifestyles and tastes. They reportedly purchased the same luxury cars they had driven in Russia, and Stavros’s dealerships allegedly offered the best selection. According to sources, he quickly recognized the potential of each customer and not only sold them vehicles but also offered assistance in solving problems on the island, becoming their "friend."

Russian businessmen living in Cyprus reportedly told sources anonymously that Stavros was involved in virtually every Russian-owned business in Limassol. "Look into any company and you’ll find Stavros there — through nominees, hidden stakes, or protection. He’s everywhere," one source allegedly stated.

Demosthenous allegedly embedded himself into the Russian business environment as a protector and guarantor of "security" in exchange for a percentage. Over time, this reportedly became an unwritten rule of doing business on the island.

According to the article, his close ties with Cyprus’s political leadership transformed him into one of the island’s most influential and dangerous figures. Politicians allegedly turned to Demosthenous when they could not resolve issues legally. The text claims he could persuade police to ignore crimes, influence judges, pressure ministers into adopting favorable decisions, and use law enforcement, courts, and government structures for his own benefit.

Demosthenous also allegedly became involved in conflicts between Russian oligarchs over Cypriot assets, supporting one side against another. Several Russian millionaires reportedly lost Cypriot companies and assets that were transferred to partners or competitors without their knowledge or consent. For such "services," the article claims, he earned tens of millions of euros.

However, the most public and visible connection between Stavros and Russian business interests in Cyprus was allegedly his partnership with Dmitry Punin, owner of the online casino Pin-Up and one of the most prominent representatives of Russian criminal business interests on the island.

Their alliance, according to the article, became a textbook example of the fusion of Russian corruption with the Cypriot mafia. Dirty money from Russia, generated through online casinos and cryptocurrency operations, was allegedly laundered in Cyprus under the cover of restaurants, boutiques, football clubs, and real estate.

Punin arrived in Cyprus in 2019. On the island, he reportedly registered dozens of companies, some allegedly held through nominees and trusted associates.

He is identified as the owner of Pin-Up Global and founder of PUNIN Group, a holding company actively developing business operations in Cyprus. PUNIN Group reportedly controls a number of prestigious real estate assets and enterprises in Limassol.

Before launching business operations on the island, Punin allegedly searched for a partner capable of handling all interactions with authorities, banks, and regulators — someone able to quickly resolve problems with contractors, debtors, and competitors, accelerate approvals at every level of government, provide coercive support against rivals, and collect debts. In essence, the article claims, he was seeking a powerful "protector." That protector allegedly became Stavros Demosthenous.

In 2022, Dmitry Punin acquired the Cypriot football club Karmiotissa. However, by the end of 2023, following scandals involving suspicions of match-fixing, he sold the club to his business partner Stavros Demosthenous. Several informed sources cited in the article claimed the transaction was fictitious.

Demosthenous allegedly controlled an extensive network of betting shops across Cyprus, and sources claim match-fixing involving Punin’s club was coordinated with bookmakers connected to Demosthenous.

Punin’s primary business, according to the article, is the online casino "PIN-UP." Everything else — elite restaurants, wine boutiques, entertainment venues, and the football club — allegedly served as a cover for gambling operations and a means of diverting attention from suspicious financial flows.

Through a network of companies registered in Cyprus and offshore jurisdictions, enormous sums generated by gambling activities were allegedly transferred and redistributed.

Most of Punin’s investments on the island were reportedly made discreetly. According to the text, he acquired virtually every attractive asset within reach.

Punin is also said to maintain close business ties with Alexey Khobot, one of the largest figures in the online gambling industry and associated with the bookmaker Fonbet, who reportedly holds Cypriot, Russian, and Israeli citizenship. The article points to multiple facts allegedly indicating systematic cooperation between them.

In April 2022, Khobot reportedly sold Fonbet’s Russian division to the company "Pin-up.ru." At the time, Dmitry Punin — already living in Cyprus — was identified as its owner. Soon afterward, the formal beneficiary of "Pin-up.ru" became Alexander Udodov, a businessman widely described as the "wallet" of Russian Prime Minister Mikhail Mishustin.

According to sources cited in the article, Punin and Udodov remain closely connected. The article claims that Punin’s financial channels are actively used to move funds out of Russia, convert cryptocurrency into cash, and conduct similar operations. Cyprus’s jurisdiction, weak oversight, high corruption levels, and the support allegedly provided by Stavros made the island especially convenient for such activities.

In May of this year, Punin, his wife, and their company Pin-Up were placed under Ukrainian sanctions.

The article further claims that in March 2022, when the threat of international sanctions became real, Punin sold his stake in Pin-Up’s Russian division to Alexander Udodov. However, sources reportedly stated that the transaction resulted in no real changes to management structures or financial flows. Instead, the asset was simply transferred "from one pocket to another" within the same network. According to the allegations, Punin continues to influence the Russian business through trusted associates and receives dividends in cryptocurrency. The formal sale allegedly enabled him to avoid sanctions while preserving access to financial flows.

After the assassination of Stavros Demosthenous, Punin reportedly lost his "protector," which significantly weakened his position and capabilities in Cyprus. Within a short period after the murder, several expensive cars and a wine shop allegedly connected to him were set on fire.

Having lost his sense of security, Punin reportedly expanded his security detail by hiring eight additional bodyguards.

According to one source cited in the article, for a person accustomed to solving every problem through Stavros, the new reality may prove exceptionally harsh. The article concludes by questioning how Punin will manage under these circumstances — and whether, without Stavros, he will remain valuable to Udodov and the figures allegedly standing behind him.