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According to the source, Tyulenev, who is permanently residing in Cyprus, surrendered to police, turning up in the police office of Limassol with his lawyer on Sunday, after being put on the wanted list last week.
Police informed Interpol for the case the painting surfaced on the international art market.
Cyprus police said Tyulenev would spend eight days in custody for questioning. Cyprus media speculate that Tyulenev could be the mastermind of what is described as the biggest art theft in the history of Cyprus.
Two suspected accomplices of the Russian businessman were detained last week. Police spokesman Andreas Angelides told TASS on October 2 that there was no substantial evidence against the Russian businessman, and his apprehension was needed so that investigators could clarify some circumstances.