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Authorities have uncovered an alleged criminal organization involving 46 individuals and a complex network of 152 companies that used fictitious transactions to reportedly obtain tens of millions of euros in fraudulent tax refunds.

The relevant authority for combating money laundering, headed by former Supreme Court deputy prosecutor Charalampos Vourliotis, has already ordered a freeze of bank accounts and assets belonging to the individuals and companies under investigation. The authority has also forwarded its findings to the competent prosecutor, who will investigate potential criminal liability.

The case emerged after the authority analyzed information and conducted an investigation into the network’s activities. It was not the first such case investigated by Vourliotis and his team. About 14 months earlier, the authority had uncovered a similar scheme with common characteristics and at least one person allegedly playing a key role in processing fictitious transactions and submitting the necessary applications for tax refunds.

According to the anti-money laundering authority, 46 individuals used 152 companies between 2023 and 2024 to defraud the state through coordinated activity involving fictitious transactions, shell companies, nominees and the active participation of people working in accounting and tax services.

The network allegedly caused losses of about 40 million euros through the illegal refund of income tax, value-added tax and 20% withholding tax, according to the authority.

The individuals under investigation allegedly sought to evade detection by tax authorities and obtained certification for refunds totaling the full amount. They had already received about 16 million euros, the authority said.

The investigation has uncovered serious indications of four offenses, such as participation in a criminal organization, fraud against the state, tax evasion and money laundering.

The asset-freezing order targeting the alleged criminal proceeds halted the payment of additional sums and, effectively, prevented the alleged criminal activity from continuing and causing further losses to the state.

The case file, together with Vourliotis’ findings and the asset-freezing order, has been forwarded to the prosecutor, who will conduct a criminal investigation into the individuals under scrutiny.