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(Luxembourg, 19 February 2024) – Last week, at the request of the European Public Prosecutor’s Office (EPPO) in Vilnius (Lithuania), 15 searches were carried out in several locations, as part of an investigation into the misappropriation of funds from the BaltCap Infrastructure Fund.
The investigative measures were conducted by Lithuania’s Financial Crime Investigation Service (Finansinių nusikaltimų tyrimo tarnyba – FNTT) on 13 and 15 February, at several companies in Lithuania. One search also took place at a company in Estonia.
As reported earlier this month, at the beginning of February 2024, the EPPO took over a criminal case initiated by Lithuania’s Regional Prosecutor’s Office in Vilnius, into the misappropriation of funds from the BaltCap Infrastructure Fund – an €80 million investment fund, focused on infrastructure projects in the Baltic countries. The BaltCap Infrastructure Fund is supported by the European Investment Bank (EIB) with €20 million, under its Investment Plan for Europe.
According to the pre-trial investigation, Mr Sarunas Stepukonis, a former partner of the BaltCap Infrastructure Fund, and former member of its Investment Committee, is suspected of embezzling at least €27 million from the fund. Based on the evidence, the majority of the money embezzled may have been used for gambling at casinos in Lithuania and Estonia.
The suspect was detained on 10 February 2024, at the request of the EPPO. The Vilnius City District Court decreed the detention of the suspect for a period of two weeks, until 24 February 2024. This coercive measure will be reviewed on that date.
During last week’s searches, a large amount of evidence was collected, which is currently being analysed. In addition, more investigative measures are planned in other EU Member States.
The ongoing investigation is focused on ascertaining the extent of the suspected criminal activities and the damage caused, and also on locating and confiscating illicit assets, in order to recover the damage to the EU budget.
All persons concerned are presumed to be innocent until proven guilty in the competent Lithuanian courts of law.
The European Public Prosecutor’s Office (EPPO) is the independent public prosecution office of the European Union. It is responsible for investigating, prosecuting and bringing to judgment crimes against the financial interests of the EU.