Shots fired at home of E-Clear boss

Pressure is mounting on E-Clear chief executive Elias Elia as national newspapers investigate his background.

According to reports, police in Cyprus have confirmed that shots were fired at a flat belonging to Elia’s parents in Nicosia, Cyprus. It is thought the shots were fired as a “reminder” that debts are overdue.

The controversial boss is also being sued by former financial adviser and city broker Derek Tullett, according to a report in the Mail on Sunday. He is taking action over £7 million of unpaid loans, according to documents issued to the High Court. Tullett said he lent Elia cash on four occasions in 2008 and 2009. 

Another former business associate of Elia, fellow Cypriot George Palaondas, said he lost £1 million to E-Clear. He told Scotland on Sunday: “Elias was calling himself the richest man in Cyprus.”

E-Clear was put into administration last month by the courts after evidence was presented that it had hardly any money.

Former business associates and employees of E-Clear are now helping administrators BDO to trace the millions. The Serious Fraud Office is also looking into the firm, but has yet to launch a formal investigation.

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