A hidden room concealed behind a shoe rack, suitcases stuffed with banknotes and a remarkable collection of luxury Swiss watches have emerged as some of the most striking discoveries in the investigation into an alleged multimillion-euro tax fraud scheme linked to Greek pizza chain Pizza Fan.

At the centre of the case is Konstantinos Antaras, the owner of Pizza Fan, whose luxurious villa in the affluent Athens suburb of Ekali yielded what investigators describe as an extraordinary haul of cash, jewellery and expensive timepieces.

The collection includes 92 wristwatches, with pieces from some of the world’s most prestigious watchmakers, including Rolex, Patek Philippe, Vacheron Constantin, Audemars Piguet, Panerai, Zenith and Franck Muller.

Depending on the individual models, their condition and authenticity, the watches could collectively be worth hundreds of thousands or potentially several million euros, although their precise value has yet to be independently assessed.

The discoveries form part of a wider investigation that has resulted in 23 arrests and allegations of more than €35 million in unpaid taxes, with Greek authorities claiming that a sophisticated software system enabled participating Pizza Fan franchise outlets to conceal sales for a decade.

According to police, the alleged operation ran from at least 2016 until 2026, with more than €150 million in taxable revenue believed to have been concealed from the authorities.

The luxury watch collection found at Antaras’s property

Rolex, arguably the world’s most recognisable luxury watch brand, produces models ranging from several thousand euros to highly sought-after collectors’ pieces worth considerably more. Certain versions of the Daytona, GMT-Master II and Day-Date can command prices exceeding €30,000, €50,000 or even €100,000.

Patek Philippe occupies an equally prestigious position in the world of haute horlogerie, renowned for its intricate mechanical movements, exceptional craftsmanship and use of precious metals. Iconic collections such as the Nautilus and Aquanaut can fetch tens or hundreds of thousands of euros on the secondary market.

Audemars Piguet, the Swiss manufacturer behind the legendary Royal Oak, is another favourite among serious collectors, while Vacheron Constantin is one of the world’s oldest continuously operating luxury watchmakers.

The collection also features Panerai, celebrated for its distinctive oversized cases, Zenith, renowned for its mechanical chronographs, and Franck Muller, whose watches are known for unconventional designs and complicated movements.

Alongside the watches, investigators discovered numerous documents relating to their authenticity and maintenance.

These included 13 sets of Rolex packaging and authenticity certificates, two sets of Patek Philippe certificates, and additional documentation relating to Audemars Piguet, Cartier and Zenith.

Repair receipts, spare parts and watch maintenance accessories were also recovered, suggesting an extensive collection requiring specialist care.

The most remarkable discovery was not the watches

Inside the concealed compartment, officers counted €1,175,990 in cash, much of it packed into travel bags in bundles labelled with the amount each contained.

The money was overwhelmingly held in €50 and €20 notes. The detailed police inventory recorded 12,793 €50 notes, 25,208 €20 notes, 2,801 €10 notes, 814 €5 notes and a single €100 note.

Officers also seized a diamond necklace, a ring and three pink stones, whose exact composition and commercial value have not been established.

The entrance to the secret storage area had reportedly been carefully disguised behind a shoe rack in the villa’s dressing room, making it difficult to detect during an ordinary inspection.

The total value of the watches, jewellery and other luxury items remains unknown, pending specialist valuation and authentication.

The origin of the assets, and whether any are connected to the alleged tax fraud operation, is now part of the continuing financial investigation.

Ekali villa loot only one element of the much larger case

According to an official Greek police announcement on Friday, 23 October, investigators believe an organised group had developed a method of manipulating the ordering and receipt-issuing systems used by participating Pizza Fan franchise outlets.

The alleged scheme relied on specialised software that allowed certain customer orders to be completed without the legally required receipt being issued.

Orders were initially entered into a central system and forwarded to individual outlets for preparation and delivery. When an order was completed, employees could normally issue a receipt for payment by cash or card, or cancel the transaction.

However, police say that a specially designed algorithm selected particular orders for an additional option labelled “κέρασμα”, meaning “on the house”.

By using this function, an outlet could complete a transaction without issuing a corresponding tax receipt.

Crucially, the orders remained visible within the central management system, allowing those allegedly involved to monitor actual sales and calculate how much revenue was being concealed from the tax authorities.

This meant that while the business could retain an internal record of its true turnover, a portion of that revenue was allegedly excluded from its declared income.

Police also released video footage showing how the ordering system was allegedly manipulated, alongside images of the hidden compartment discovered at Antaras’s property.

Alleged activities extend beyond the manipulation of receipts

According to officers, cash generated through the scheme was collected and transported under security precautions, before being handed over during monthly meetings attended by members of the alleged organisation.

These meetings reportedly took place in a designated room at a shopping centre, where participants reviewed the financial performance of the franchise network, including the proceeds of the suspected illegal activity.

Investigators also examined the company’s ownership structure, identifying arrangements involving a business registered overseas.

Police claim that the alleged ringleader formally owned just 0.01% of the Greek company, while the remaining 99.99% was held by a foreign-based company, whose ultimate beneficial owners were allegedly the group’s leader and deputy leader.

Authorities believe the structure was used to facilitate the movement of substantial sums through the financial system and to support the alleged concealment of taxable income.

The suspected roles of nine individuals within the organisation

A 68-year-old company owner and manager is accused of heading the group, overseeing the business and establishing its organisational structure.

A 51-year-old, identified as the owner of the overseas company, allegedly served as deputy leader and principal operational manager, effectively acting as the group’s financial director.

A 57-year-old operations director is accused of coordinating activities between senior members and individual outlets, relaying instructions, handling customer complaints and warning managers about impending inspections.

Another 51-year-old, responsible for the company’s IT operations and central ordering system, allegedly oversaw the technical aspects of the mechanism.

A 37-year-old accounting employee who also managed a store is accused of recording, monitoring, allocating, collecting and transferring undeclared revenue.

A 47-year-old allegedly assisted with financial monitoring and implementation of the system, while a 40-year-old who managed two outlets is suspected of participating in its operation.

A 43-year-old manager of stores in Thessaloniki, who also inspected outlets elsewhere in Greece, allegedly had detailed knowledge of the mechanism.

Finally, a 44-year-old store inspector is accused of communicating with senior members, passing on instructions and helping coordinate the system’s operation.

The police operation took place on Thursday, 22 October, with coordinated searches of business premises, retail outlets and homes across Attica and Thessaloniki.

Across all the locations searched, officers seized a total of €1,288,732.60 in cash, including the money discovered at Antaras’s villa.

They also recovered 52 computer units, a fiscal device, six luxury cars, three motorcycles, the 92 luxury watches and jewellery, alongside extensive digital and documentary evidence.

The electronic material included mobile phones, USB drives, tablets, laptops and hard drives, as well as handwritten notes and other records considered potentially relevant to the investigation.

The seized cash is to be transferred to Greece’s Deposits and Loans Fund, while the electronic evidence will undergo forensic examination by the police’s specialist laboratories.

According to preliminary calculations, the alleged operation resulted in more than €35 million in losses to the Greek state, arising from unpaid VAT and income tax over the 2016-2026 period.

The undeclared taxable revenue is estimated to exceed €150 million

Authorities have also initiated proceedings to freeze assets belonging to individuals and legal entities implicated in the case, following a request to Greece’s anti-money laundering authority.

In addition, 108 tax inspection reports covering the years 2023, 2024, 2025 and 2026 have been prepared and forwarded to the Independent Authority for Public Revenue (AADE) to determine the precise amount of unpaid tax.

The case began following a complaint concerning possible breaches of employment, social security and tax legislation at outlets belonging to a restaurant franchise network.

A subsequent investigation, conducted by the Organised Crime Directorate in cooperation with the tax authorities and specialist police units, uncovered what investigators describe as a structured and long-running mechanism for concealing revenue.

The 23 people arrested have been referred to the judicial authorities, with criminal charges brought, as applicable, for establishing, joining or directing a criminal organisation, serious tax evasion involving unpaid VAT and inaccurate income tax declarations, direct complicity and aggravated money laundering.

A further 109 identified individuals included in the case

As the investigation continues, the luxury watches and carefully concealed cash at the Ekali villa have become among the most visible elements of a case that prosecutors must now establish in court.

For investigators, however, the central questions extend well beyond the impressive collection of Rolex, Patek Philippe and Audemars Piguet watches: where the money came from, how the alleged undeclared profits were distributed and whether the valuable assets recovered can be linked to the suspected decade-long fraud.

Verified the core police findings, including the €35 million estimated tax loss, 23 arrests, 109 additional individuals and total cash seizures of €1,288,732.60, against the official Hellenic Police statement of 23 October 2026.