A massive financial fraud case against the Greek state, involving a total amount approaching €40 million, has been uncovered by Greece’s Anti-Money Laundering Authority. Specifically, acting on the orders of the head of the independent Authority, retired Deputy Prosecutor of the Supreme Court Charalambos Vourliotis, the investigation has focused on 46 individuals and a network of 152 companies allegedly used to defraud the state and secure illegal tax refunds.

According to the findings of the investigation, the network allegedly operated through fictitious transactions, shell companies and “front men,” creating a mechanism aimed at illegally obtaining millions of euros in tax refunds from the state.

According to the investigation, the alleged scheme was active during the period 2023–2024. The total amount of refunds that had been approved reached approximately €40 million, of which around €16 million had already been paid.

However, the intervention of the Authority appears to have blocked the further disbursement of funds, preventing an even greater financial loss for the state.

Accountants and tax advisers under scrutiny

The investigation’s findings indicate that the individuals involved allegedly acted in an organized and coordinated manner, forming, according to the Authority, a criminal organization.

Of particular interest is the role of accountants and tax advisers, who, according to the findings, allegedly played an active part in operating the illegal mechanism.

The evidence gathered so far points, among other things, to indications that the offenses of forming and participating in a criminal organization, fraud against the Greek state, tax evasion, and money laundering through proceeds of criminal activities may have been committed.

In the meantime, an asset-freezing order has already “frozen” the collection of additional amounts, significantly limiting further financial damage to the state.

The Authority’s findings, together with the freezing order, have been forwarded to the competent prosecutor, who is now expected to take the appropriate action—namely, to conduct a preliminary criminal investigation aimed at determining whether criminal charges and liability should be brought.