Searches and seizures were carried out last week at companies in Attica and Kastoria as part of an investigation by the European Public Prosecutor’s Office (EPPO), the independent EU body responsible for investigating crimes affecting the bloc’s financial interests, into a suspected VAT “carousel” fraud scheme involving the trade of small electronic goods and the laundering of criminal proceeds.

According to the EPPO, the ring under investigation caused losses of at least €46.9 million to the budgets of the European Union and Greece through unpaid VAT, with a further €24.2 million in VAT identified as either unpaid or inaccurately reported, bringing the total estimated damage to €71 million.

The investigation, which began nearly a year ago, has so far uncovered a complex network of companies based in Bulgaria, Cyprus, the Czech Republic and Greece, allegedly used to distribute small electronic goods across the European Union. The ring is understood to have exploited the VAT exemption that applies 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 established for the sole purpose of evading VAT obligations, to distribute electronic goods in Greece and other EU member states, thereby evading VAT payments or fraudulently claiming VAT refunds on tax that was never actually paid.

The searches were carried out both at the premises of the companies under investigation and at the homes of their managers. Investigators seized documents, accounting records and digital evidence, along with €99,000 in cash and three luxury cars.

The operation also led to the seizure of cryptocurrency worth approximately €900,000 and other digital assets worth a further €4.5 million. According to Greek authorities, this represents the largest seizure of digital assets ever carried out at national level, made possible through advanced digital forensic analysis and targeted investigative techniques that overcame significant technical obstacles.

In addition, freezing orders were issued for 88 properties with a combined estimated value of over €4.5 million, along with numerous bank accounts. Greece’s Anti-Money Laundering Authority assisted in identifying and freezing further bank accounts held in other EU member states.