Key facts
- EPPO in Athens conducted raids in Attica and Kastoria as part of a VAT fraud investigation.
- The criminal network is suspected of causing losses of at least 46.9 million euros.
- The scheme involved the trade of small electronic devices and money laundering.
- Assets seized include 99,000 euros in cash, three luxury cars, and frozen cryptocurrencies valued at approximately 900,000 euros.
- Freezing orders were issued for 88 properties and numerous bank accounts.
The European Public Prosecutor’s Office (EPPO) in Athens has dismantled a significant tax evasion network operating in Greece, conducting raids in Athens and Kastoria last week. The criminal operation is estimated to have inflicted losses of at least 46.9 million euros on the budgets of the European Union and Greece.
The investigation, which commenced nearly a year ago, uncovered a complex web of companies established in Bulgaria, Cyprus, the Czech Republic, and Greece. These entities are believed to have been involved in the cross-border trade of small electronic devices within the EU, exploiting a VAT carousel fraud scheme.
This scheme typically involves "missing traders" who collect VAT on goods but then disappear without remitting the tax to authorities. In some instances, participants may have falsely claimed VAT refunds on purchases where the tax was never paid.
Investigators also identified an additional 24.2 million euros in VAT that was either not paid or incorrectly declared. The raids targeted the headquarters of several implicated companies and the residences of their managers.
During the operation, authorities seized substantial documentation, accounting records, and digital evidence. They also confiscated 99,000 euros in cash and three luxury vehicles. Notably, cryptocurrencies valued at approximately 900,000 euros and other digital assets worth about 4.5 million euros were frozen, marking the largest seizure of digital assets ever recorded at a national level in Greece.
Furthermore, freezing orders were issued for 88 properties, estimated to be worth over 4.5 million euros, along with numerous bank accounts. The Anti-Money Laundering Authority played a role in identifying and freezing these accounts across various EU member states.