Cigarette smuggling ring laundered millions

Revealing details on how the so-called “Russian Pontian” syndicate laundered money from cigarette smuggling have come to light and are now in the hands of Greece’s Anti-Money Laundering Authority.

A confidential report from the Anti-Organized Crime Unit, delivered on March 10, highlights that the criminal organization caused a loss exceeding €9.7 million in tax revenue.

Investigators found that the syndicate was laundering money through property investments, including the purchase of a seaside hotel and luxury villa in Halkidiki, as well as a new hotel complex under construction.

One primary suspect, currently on the run, is connected to a company with an income far below its €1 million capital.

Additionally, transactions linking businesses in Crete and a one-man company in Thessaloniki to a Dubai-based firm have raised suspicions of illicit activity. The investigation is now focusing on multiple shell companies.

Kathimerini