Officers of the European Public Prosecutor's Office (EPPO) have carried out extensive investigative activities in Athens, the Attica region and the city of Kastoria to prove an alleged VAT fraud that caused losses of €46.9 million to the Greek and European Union budgets, the newspaper „Naftemporiki“ reports.
The investigation in Athens began about a year ago and has uncovered a network of companies registered in Bulgaria, Cyprus, the Czech Republic and Greece, the newspaper notes. These companies are believed to have been used for cross-border transactions involving small electronics as part of a VAT fraud scheme. The network took advantage of a VAT exemption intended for cross-border transactions between EU member states.
The companies were set up between 2021 and 2025 with the sole purpose of evading VAT or obtaining VAT refunds. Investigators estimate the damage at €46.9 million, with another €24.2 million in value-added tax either unpaid or incorrectly declared.
The headquarters of these companies and the homes of their executives were searched. Authorities seized a large volume of documents and accounting data, digital evidence, €99,000 in cash and three luxury cars. Cryptocurrency worth approximately €900,000 and other digital assets worth approximately €4.5 million were also seized.
According to Greek authorities, this is the largest seizure of digital assets ever carried out in Greece. In addition, seizure orders have been issued for 88 properties with an estimated value of over €4.5 million, as well as several bank accounts. The Anti-Money Laundering Office is assisting in the identification and freezing of bank accounts in other EU Member States.