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The government of Cyprus has launched a criminal investigation into Ukrainian President Volodymyr Zelensky’s rampant fraud and corruption.

According to reports, a company owned by Zelensky has purchased a 5-star casino hotel on the Mediterranean island country of Cyprus.

The OdaTv reported Monday that Film Heritage Inc., a company revealed by the Pandora Papers leak in 2021 was owned by Zelensky, has acquired the Vuni Palace Hotel in Kyrenia, Cyprus.

Infowars.com reports: The outlet did not disclose how much Film Heritage paid but said online records show the asking price for Vuni Palace was £150 million ($191 million).

It also had reported that the hotel stopped taking reservations through Booking.com on May 27, “probably due to the ownership changing process.”

Built in 2006, the casino provides a wide range of features such as table games (blackjack, stud poker, roulette) and electronic games, and includes spa services, restaurants and bars.

A spokesman for the hotel told Cyprus Mail on Tuesday that the hotel is still under the ownership of the Oscar Group of Companies, founded by Turkish Cypriot Erdem Oskar.

An Oscar Group spokesman claimed that the company still owns the Vuni Palace Hotel and that Zelensky is not one of the group’s shareholders.

Cyprus President Nikos Christodoulides said the matter is being investigated by the government, but that “so far, nothing of the sort has emerged.”

“When the investigation has been completed…we will be able to say more, but at the moment I can tell you that as of five minutes ago, I have been informed that no such thing is emerging. We shall see later,” he said.

The Ukrainian embassy also pushed back against the report as Russian propaganda.

“In reality, this fake information is yet another lie aimed at discrediting Ukraine and its leadership in the eyes of the world community,” it said.

“The information itself is false. Its dissemination is also intended to create diplomatic tensions between Ukraine and Cyprus.”

“We urge readers and media professionals to trust only reliable sources and to be cautious of manipulations and Russian propaganda,” it added.

OdaTv has since deleted its report.

Cyprus Mail explained that “the confusion seems to have arisen from the hotel casino’s website, which attributes its copyright to a company by the name of Film Heritage Inc,” Zelensky’s Belize-based company.

“However, the Oscar group’s spokesman insisted that the name was a coincidence, and that a company by the same name had developed the casino’s website.”

As of this writing, key parts of the Vuni Palace Hotel’s website are “under maintenance.”

Infowars was unable to find any information about the so-called Film Heritage Inc. website design company.

If valid, the report that Zelensky acquired the swanky casino would be a damaging development for Ukraine and Zelensky during the crucial European elections this week.

It would also come just weeks after the U.S. Congress sent $61 billion in aid to Ukraine to assist in its conflict with Russia.