Paphos police are investigating the theft of €10,000 following a dispute over the sale of a second hand car, the Cyprus News Agency reports.
It said that a 41 year old man who owns a used car dealership is under arrest.
The arrest follows a complaint lodged by the 58 year old who bought the car.
Police said that the 58 year old had bought the car from a Chlorakas dealership that belongs to the 41 year old.
They had agreed that he would pay €1,000 a month until the car was fully paid for and it would then be transferred to the new owner.
The 58 year old has not paid a single instalment since then and the car dealer used a second key to drive off with the car.
But the 58 year old said that he had a watch worth €7,000 as well as €10,000 in cash in the car.
After a search of the car, police found the watch but not the cash.