Sagi, 49, is the founder of gambling software company Playtech and owns Camden Market in London. He shares his time between the UK, Cyprus and Israel. According to Forbes, he is worth $5.6 billion, making him the fourth richest person in Israel.
Cypriot media outlet ANT1 alleged last week that the Iranians had contracted several mercenaries with the aim of killing and potentially abducting businessmen based in Cyprus.
Another Cypriot media outlet, Knews, said that the suspect, 38, was detained on Monday in Engomi, in western Nicosia, following an undercover investigation. At the time of his arrest, he was found in possession of a handgun with a silencer and said to be casing the office building where Sagi's operations are headquartered on the island.
Channel 12 News said Sunday that one of the leads being followed is that the suspect had ties to the Russian mob. Walla News reported that the assassin holds a Russian passport.
According to available details, once the Cypriot authorities learned of the plot they warned Sagi, who left the island immediately. The assassin was arrested several days later, after he crossed the Agios Dhometios checkpoint in Nicosia from the Turkish-ruled part of the country, Channel 12 News said.