Greece: Searches and seizures in probe into suspected €46.9 million VAT carousel fraud

(Luxembourg, 14 July 2026) – The European Public Prosecutor’s Office (EPPO) in Athens (Greece) conducted searches and seizures last week at several locations in Attica and Kastoria, as part of an ongoing investigation into suspected VAT carousel fraud involving the trade of small electronic goods and the laundering of criminal proceeds. 

The investigation, which began almost one year ago, has so far revealed a complex network of companies established in Bulgaria, Cyprus, Czechia and Greece, allegedly used to trade small electronic goods across the EU.

At issue is a suspected VAT carousel fraud scheme, a criminal scheme that exploits the VAT exemption applicable to cross-border transactions between EU Member States. According to the evidence gathered so far, between 2021 and 2025, the suspects allegedly used a chain of so-called missing traders – companies created for the purpose of evading VAT obligations – to distribute electronic goods within Greece and other EU countries, while avoiding the payment of VAT or enabling the fraudulent reimbursement of VAT that had never been paid.

Based on the investigation, the suspected scheme is believed to have caused losses of at least €46.9 million to the EU and Greek budgets through unpaid VAT. In addition, investigators identified indications that a further €24.2 million in VAT was either not paid or incorrectly declared.

The searches targeted the headquarters of several companies under investigation, as well as the residences of their managers and were carried out by the Hellenic Internal Affairs Agency of Law Enforcement Bodies (Υπηρεσία Εσωτερικών Υποθέσεων Σωμάτων Ασφαλείας), which is also carrying out the criminal investigation. They are supported by the Sub-Directorate of Digital Forensic Research and Analysis of the Hellenic Forensic Science Division (Υποδιεύθυνση Ψηφιακής Εγκληματολογικής Έρευνας και Ανάλυσης της ΔΕΕ).

During the searches, investigators seized large quantities of documents, accounting records and digital evidence, as well as €99 000 in cash and three luxury cars.

The investigation also resulted in the freezing of cryptocurrencies worth approximately €900 000 and other digital assets valued at around €4.5 million. According to the Greek authorities, this constitutes the largest freezing of digital assets ever carried out at national level. The assets were identified and frozen through advanced digital forensic analysis and targeted searches to bypass complex digital obstacles.

In addition, freezing orders were issued for 88 real estate properties with an estimated value exceeding €4.5 million, as well as for multiple bank accounts. The Hellenic Anti-Money Laundering Authority (Αρχή Καταπολέμησης της Νομιμοποίησης Εσόδων από Εγκληματικές Δραστηριότητες) supported the identification and freezing of bank accounts in other EU Member States.

All persons concerned are presumed innocent until proven guilty in the competent Greek courts of law.

The 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.