Μake us preferred on Google Just days after the arrest of the businessman known as “Mr. Pizza Fan” sent shock waves through the Greek market over a multimillion-euro tax evasion scheme involving stores in his pizza chain, another case has emerged involving Angelos Giannakopoulos, owner of the “To Horiatiko” bakery chain, and the alleged defrauding of the Greek state of several million euros.
In this latest case, however, market insiders say the revelations did not come entirely as a surprise, pointing to the businessman’s criminal history. Giannakopoulos had previously come under judicial scrutiny, most notably when he was arrested in 2008 as the alleged head of an international human trafficking ring. In 2015, a court of first instance sentenced him to 10 years and six months in prison.
According to the indictment order at the time, the ring was alleged to have channeled proceeds from its illegal activities into investments in the Horiatiko bakery chain. In 2018, however, the businessman was acquitted in a separate case involving related trafficking and money laundering charges. He was arrested again in November 2025 after being caught driving a Lamborghini at 216 kilometers per hour (134 mph) in Argyroupoli, a suburb of Athens.
The Alleged Shell Company and Straw Man Scheme
In the latest case, according to reporting by Vassilis Lambropoulos, the network in which Giannakopoulos is allegedly involved operated through an elaborate scheme. Nominal representatives, or “straw men,” were installed at the head of companies and subsequently disappeared, leaving behind enormous debts to the state.
Tax liabilities were transferred to shell companies, with the result that the taxes were never collected. The investigation has also expanded to e-EFKA, Greece’s electronic national social security agency, as authorities examine allegations of extensive fraud involving the systematic nonpayment of social security contributions.
The alleged tax evasion case involving the owner of To Horiatiko, which led to his arrest, is estimated to far exceed the scale of the Pizza Fan case. Initial estimates put lost state revenue at more than €100 million.
From Strip Clubs to Bakeries
Before entering the bakery business, Giannakopoulos was involved in the nightlife industry. His name had been linked to Alcatraz on Syngrou Avenue in Athens, one of the strip clubs that had drawn the attention of law enforcement authorities. In testimony before a court, Giannakopoulos said he had established the club with his then-partner and later sold it.
Older case files also referred to Star in Metamorfosi, a northern Athens suburb, through a corporate structure that had come under police scrutiny.
Giannakopoulos moved into the bakery business in the late 1990s, opening his first store in central Athens. Rather than following the traditional bakery model of preparing and baking products from scratch on the premises, Horiatiko introduced the large-scale use of prebaked or frozen baked goods that were finished in specialized ovens inside its stores. The model allowed for lower production costs, faster service and a vast range of products.
The chain systematically invested in highly visible corner locations along major Athens thoroughfares, near Metro stations and transportation hubs. The stores effectively operated as 24-hour convenience stores combining coffee, snacks and bread.
The Greek financial crisis did not prevent its expansion. According to published figures, the company developed a network of 19 stores. At the height of its growth, the chain established itself as one of the major players in the Attica market, competing with other large branded bakery chains.
Giannakopoulos’ son, Giorgos, also entered the bakery business, developing the Attikoi Fournoi chain. Starting in Piraeus in 2012, the chain gradually opened stores in areas including Nea Smyrni and the upscale central Athens neighborhood of Kolonaki, eventually expanding to the island of Mykonos.
Today, however, both networks are significantly smaller than they were during their period of major expansion. Horiatiko lists nine stores on its official website, while Attika Artopoieia, developed by Giorgos Giannakopoulos, operates six locations in the Attica region.
Starting in Piraeus in 2012, the Attikoi Fournoi chain gradually opened stores in areas including Nea Smyrni and Kolonaki, eventually expanding to Mykonos.
Unclear Revenues and Industry Barriers
According to market sources, Horiatiko’s true financial picture has always been an exceptionally complex puzzle because the chain did not operate under a single, transparent corporate entity. Its expansion was not reflected in one consolidated balance sheet but was instead spread across dozens of smaller companies that separately managed individual stores or parts of the supply operation.
For this reason, Angelos Giannakopoulos was never a member of or interlocutor with the sector’s official industry bodies. It is said that there was even a special provision requiring unanimous approval of applications for new membership, designed to prevent brands of this kind from joining.
According to information that has emerged publicly, the business activities attributed to Giannakopoulos extended beyond the bakery sector and into areas experiencing significant tourism development, particularly Mykonos, where he is reported to have made substantial investments in real estate and food-service businesses.
He is also reported to have had business interests on Rhodes, where accounts refer to a presence in six establishments. Particular attention, however, has focused on beach concessions. Corporate entities that may be linked to him are reported to have secured, through tender procedures, the rights to commercially operate a large number of the island’s beaches.
The share may have amounted to as much as 80% of the beaches awarded for commercial use, including some of Rhodes’ most popular beaches.
Alleged Links to a Prostitution Ring
Beyond the alleged tax evasion involving the bakery chain, authorities are also investigating a separate and particularly serious aspect of the case involving Giannakopoulos related to sexual exploitation and prostitution.
Authorities are investigating specialized websites allegedly used to promote women, while individuals believed to have played key roles in the network, including women, have also come under scrutiny.
According to estimates reported by Lambropoulos, the number of arrests could exceed 40, while the number of people facing charges is expected to reach around 100 or potentially more.
Those allegedly involved include business owners, accountants and other individuals whose possible participation in the operation of the network is being investigated.
The investigation is being coordinated by Greece’s so-called “Greek FBI,” the police directorate responsible for tackling organized crime, as authorities seek to map the full range of connections and activities that may be linked to the case.
