Authorities freeze assets tied to major foreign-led fraud ring

Under the direction of the authority’s head, Haralambos Vourliotis, the operation targeted the bank accounts, real estate, shares and other assets belonging to approximately 40 foreign nationals – primarily from Balkan countries – and 15 companies they established under the guise of construction contractors.

An investigative report tracing the movement of illicit funds was submitted to the prosecutor’s office. According to the findings, only three of the implicated companies were legally operating businesses. The remaining entities functioned as shell or intermediary firms designed to conceal financial misconduct.

From 2020 to 2023, the group is believed to have funneled roughly €16.5 million through questionable transactions and secured an additional €1.5 million via a state financial assistance program. The suspects allegedly posed as legitimate entrepreneurs to accrue hundreds of thousands of euros in public debt while fraudulently obtaining grants intended for innovative startups.

Authorities allege the group has committed at least five criminal offenses, including forming a criminal organization, tax evasion, defrauding the state, failing to repay public debts and laundering illicit funds.

The criminal network is believed to have operated across several regions of Greece, including Athens, Western Macedonia, Larisa, Kozani, Magnesia and Corinth.

Investigations are ongoing.

Kathimerini