The European Public Prosecutor’s Office (EPPO) carried out extensive searches and seizures in Greece, in the regions of Attica and Kastoria, as part of an investigation into alleged “carousel” VAT fraud linked to the trade in small electronic goods and money laundering.

According to the EPPO, the same investigation, which began about a year ago, extends to Cyprus, as companies established in Bulgaria, Cyprus, the Czech Republic, and Greece and are alleged to have been part of the same cross-border network.

These companies are alleged to have been used as part of a complex network of cross-border transactions involving small electronic goods to commit VAT fraud. According to the announcement, the investigation is ongoing and is being conducted in cooperation with the relevant national authorities.

According to the EPPO, the investigation began about a year ago and has so far uncovered a complex network of companies, which is alleged to have been used to traffic electronic goods within the European Union.

Based on the evidence available to date, between 2021 and 2025 the suspects allegedly exploited a chain of “missing trader” companies (missing traders), which were created for the purpose of evading VAT obligations. Through this scheme, goods were moved within Greece and to other EU member states without paying the corresponding VAT or with the intent to illegally claim a refund of tax that had never been paid.

The European Public Prosecutor’s Office estimates that the alleged fraud caused a loss of at least 46.9 million to the budgets of the European Union and Greece due to unpaid VAT. At the same time, investigators found evidence that an additional 24.2 million euros in VAT was either not paid or incorrectly declared.

The searches were conducted at the headquarters of companies under investigation by the authorities, as well as at the residences of their managers, by the Internal Affairs Service of the Security Forces, which is also conducting the criminal investigation, with the assistance of the Sub-Directorate of Digital Forensic Investigation and Analysis of the Directorate of Criminal Investigations.

During the searches, a large volume of documents, accounting records, and digital evidence was seized, along with 99,000 euros in cash and three luxury cars.

At the same time, cryptocurrencies worth approximately 900,000 euros and other digital assets with a total value of approximately 4.5 million euros were seized. According to Greek authorities, this is the largest seizure of digital assets ever carried out at the national level, following specialized digital forensic analysis and targeted investigations that made it possible to locate the assets despite complex digital obstacles.

The investigation is ongoing, and, as the EPPO notes, all those involved are presumed innocent until proven guilty by the competent courts.

(CYPE/EC/MK)