A Greek businessman who has been active for many years in the online electronics trade is alleged to be the ringleader of the scheme that set up the “carousel” scheme, causing the European Union to lose 47 million euros.

According to reports, the defendant operated throughout Greece and, as revealed by the investigation conducted by the European Public Prosecutor’s Office and the Internal Affairs Division of the Hellenic Police, he and his associates had set up a complex network of companies in Bulgaria, Cyprus, the Czech Republic, and Greece, through which they managed to evade paying the corresponding taxes and embezzle enormous sums from illegal VAT refunds.

Specifically, the investigation revealed that, during the period 2021–2025, the suspects used a network of so-called “missing traders”—companies established for the purpose of evading VAT obligations —to distribute electronic goods in Greece and other EU member states, thereby evading VAT payments or fraudulently obtaining VAT refunds for taxes that had never been paid.

SEE ALSO: €71.1 million “carousel” fraud with ties to Cyprus; investigation by the European Public Prosecutor’s Office

It is telling that, in addition to documents and digital evidence, authorities have seized 99,000 euros in cash, three luxury cars, cryptocurrencies worth approximately 900,000 euros, and other digital assets worth approximately 4.5 million euros.

In addition, freezing orders were issued for 88 properties with a total estimated value of over 4.5 million euros, as well as for numerous bank accounts.

The Anti-Money Laundering Authority assisted in the identification and freezing of bank accounts in other European Union member states as well.

According to Greek authorities, this is the largest seizure of digital assets ever carried out at the national level.

The assets were identified and frozen through advanced methods of digital forensic analysis and targeted investigations, which made it possible to overcome complex digital obstacles.

Source: Protothema.gr