VAT "CAROUSEL" FRAUD: A FRAUD OF INTERNATIONAL SCOPE (2/3)
The vat "carousel" fraud originates in Europe (2/3)
In April 2021 the Portuguese authorities begin to have suspicions of money laundering operations regarding a company selling electronic devices.
In June 2021 the European Public Prosecutor's Office (EPPO) is established and, in view of their obligation, the Portuguese authorities report their ongoing investigation into a VAT fraud and possibly money laundering that would be of European scope.
The investigation seems to be more extensive than expected, as the connections established by the Portuguese investigation go far beyond Portugal and into China.
Thanks to the cooperation of the various European police services, EPPO was able to set up simultaneous investigations on more than 200 individuals. This EPPO investigation was renamed " Operation Admiral ".
This operation reveals the largest VAT "carousel" fraud ever discovered in the European Union.
This fraud was organized as follows:
The fraud is estimated at 2.2 billion euros of loss for the national authorities involved.
This investigation will have lasted 18 months and will have proven the effectiveness and efficiency of EPPO in judicial cooperation.
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