- European Public Prosecutor’s Office (EPPO) in Porto filed an indictment against 12 suspects and 15 companies in a VAT fraud scheme called Admiral.
- The defendants, 10 Portuguese and 2 French nationals, are accused of operating a criminal organization involved in tax fraud, money laundering, and corruption.
- They used a network of companies to evade VAT payments by using fraudulent invoices and tax declarations.
- The suspects channeled illicit profits to bank accounts in non-EU countries and invested in real estate and luxury products to hide the origin of the money.
- If found guilty, the defendants face up to 25 years in prison, and the accused companies face financial fines and dissolution.
- The estimated damage in Portugal alone is over €80 million, and the total losses to the EU and affected countries could amount to €2.2 billion.
- The investigation involved cooperation between European Prosecutors, Europol, Eurojust, and national law enforcement authorities from 16 Member States and other countries.
- The criminal activities spread across over 30 countries, including EU and non-EU countries.
Source: eppo.europa.eu
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
