- The European Public Prosecutor’s Office (EPPO) has conducted a raid on a Munich bank, specifically HypoVereinsbank, as part of an investigation into a suspected €200 million VAT fraud scheme involving the creation of a fictitious corporate identity for processing transactions.
- The suspect allegedly received over €200 million in bank transfers from 127 companies in Italy and Slovakia between 2016 and 2022, with the funds primarily linked to a VAT carousel fraud scheme that exploits EU VAT exemptions for cross-border transactions.
- Evidence suggests that the director frequently withdrew substantial cash amounts from his business accounts, with one account holding €188 million in payments, almost all of which has been withdrawn, including over €80 million in cash in 2021 and 2022 alone.
Source Taxlive
