Companies established in Greece, Cyprus, Bulgaria and the Czech Republic are allegedly involved in a cross-border VAT fraud ring, with an estimated loss of at least €46.9 million, according to the European Public Prosecutor's Office.
As part of the investigation, which concerns the trade in small electronics and possible money laundering, extensive searches and seizures were carried out in Attica and Kastoria.
The European Public Prosecutor's Office said that the case, which has been under investigation for about a year, also extends to Cyprus, as Cypriot companies are alleged to have participated in the same cross-border trading network.
The network of "disappeared traders"
According to the data so far, in the period 2021-2025 the suspects allegedly used a chain of companies operating as "missing traders", with the aim of avoiding paying VAT.
Through the mechanism of the so-called "carousel" fraud, electronic products were traded in Greece and other member states of the European Union without paying the corresponding tax.
In other cases, an illegal VAT refund was allegedly requested, even though the tax had not been paid beforehand.
The EPPO estimates that the alleged fraud caused damage of at least €46.9 million to the budgets of the European Union and Greece.
At the same time, indications were found that additional VAT of €24.2 million. was either not paid or was incorrectly declared.
Investigations in companies and residences
The searches were carried out in the offices of companies that are under the microscope of the authorities, as well as in the homes of their managers.
The criminal investigation is carried out by the Internal Affairs Service of the Security Forces, with the assistance of the Sub-Directorate of Digital Forensic Investigation and Analysis.
During the operations, a large number of documents, accounting books and digital evidence were seized.
Authorities also found €99.000 in cash and seized three luxury cars.
Freeze Digital Assets
As part of the investigation, cryptocurrencies worth approximately €900,000 were frozen, as well as other digital assets with a total value of approximately €4.5 million.
According to the Greek authorities, this is the largest digital asset freeze to date in Greece.
Their detection was made possible after specialized digital forensic analysis and targeted investigations, despite the complex technical obstacles that had been used to hide them.
The investigation is continuing in cooperation with the competent national authorities of the States concerned.
The EPPO underlines that all those involved are presumed innocent until proven guilty before the competent courts.
CNA
