Greek authorities have carried out one of the largest asset seizures to date in a major cigarette smuggling investigation, freezing properties, luxury vehicles, and maritime assets believed to be connected to a criminal network.

The action was ordered by the country’s anti–money laundering authority, which issued a detailed report outlining the extensive financial footprint of the alleged scheme. The findings have already been forwarded to prosecutors as part of an ongoing criminal case.

The investigation, which first came to light in February, involves dozens of suspects, with several already held in pre-trial detention. Among them are individuals alleged to have played leading roles in the network, although they deny any involvement in illegal activity.

According to investigators, the organization is suspected of operating through shell companies, fake invoices, and other fraudulent financial mechanisms, generating significant illicit profits while causing substantial losses to the public treasury.

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Authorities estimate that the alleged scheme may have resulted in losses reaching approximately €1 billion in total, with annual damages assessed at around €120 million.

Following the findings, the anti–money laundering authority ordered the freezing of a wide range of assets believed to be linked to the suspected proceeds of crime. These include:

  • Seven vessels, including passenger ships and tankers
  • 42 properties across Greece, ranging from luxury residences and plots of land to a hotel in the Peloponnese
  • 26 vehicles, including high-end cars, trucks, trailers, and recreational vehicles

The investigation also identifies dozens of individuals and companies allegedly connected to the network, spanning both natural persons and corporate entities.

Officials believe the seized assets represent only part of a broader financial structure under scrutiny, with further examinations expected as the case progresses.

The authority’s findings will now be formally joined with the existing criminal file, and suspects are expected to be questioned again on additional charges, including money laundering.