Economy · Greece

European Prosecutor's Office investigates €47 million VAT fraud involving companies in Greece and Cyprus

23 sourcesFirst reported 7 days agoUpdated 6 days ago

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A large VAT fraud scheme amounting to €47 million has been uncovered involving entities in Greece and Cyprus. The investigation led by the European Public Prosecutor's Office identified multiple individuals, including a Greek businessman, as key figures in the operation. Authorities have conducted searches and seizures in various locations, targeting ghost companies allegedly involved in the fraudulent activities. The investigation revealed complex cross-border networks used to exploit VAT regulations through illegal refunds. Additionally, significant assets, including cryptocurrencies valued at approximately €900,000 and various properties, were seized during the operation.

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A significant investigation by the European Public Prosecutor's Office (EPPO) has uncovered a carousel fraud scheme involving VAT that has caused an estimated loss of €47 million to the European Union. Central to the operation is a Greek businessman engaged in the electronics trade, who is believed to have orchestrated the network of "ghost" companies involved in fraudulent VAT refunds. Authorities have identified four individuals — two businessmen and two accountants — connected to the case, aged 51, 52, and 51, 55, respectively.

The scheme exploited VAT exemptions for cross-border transactions within the EU, with the involvement of companies from both Greece and Cyprus. The investigation has seen extensive cooperation and information exchange between the relevant authorities in the respective countries. As part of the ongoing effort, EPPO has seized approximately €900,000 worth of cryptocurrencies and 88 properties linked to the fraudulent activities. Investigations remain active, with further searches and operations planned to dismantle the broader network responsible for the fraud.

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15 July

Investigations continue into a Greek entrepreneur identified as the mastermind behind the €47 million carousel VAT fraud.

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European Prosecutor's Office investigates €47 million VAT fraud involving companies in Greece and Cyprus

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