Cyprus authorities assisted in an international investigation led by the European Public Prosecutor’s Office (EPPO) into a large-scale fraud and VAT evasion case involving 15.7 million euros in mobile phone sales. The investigation led to the arrest of three people in Bulgaria and one in Germany, as well as the freezing of assets belonging to two suspects and two companies in Germany, worth 20.5 million euros, police said.

According to a police statement, Cyprus participated Wednesday in a Joint Action Day, during which coordinated operations were carried out in Austria, Bulgaria, Germany and Cyprus.

According to the statement, a total of five companies and one residence were searched in Cyprus, in Nicosia and Larnaca. Various documents and electronic data were seized as evidence during the searches. Statements are also being taken from various people as part of the investigation.

According to the evidence under investigation, the perpetrators developed a cross-border trading network involving companies in Bulgaria, Germany and Cyprus to illegally avoid paying VAT on online sales of mobile phones in Germany.

The statement said that, based on the evidence under investigation, the total amount involved in the fraud and VAT evasion is estimated at 15.7 million euros.

Police said searches of the homes and premises of the suspects, as well as the facilities of the companies involved, led to the arrest of three people in Bulgaria and one in Germany.

The searches also led to the freezing of assets belonging to two suspects and two companies in Germany, worth 20.5 million euros, the statement said. German authorities are taking steps to recover assets belonging to the companies involved.

The searches in Cyprus were carried out under the supervision of the European Public Prosecutor’s Office’s European Delegated Prosecutor in Cyprus, with the participation of the Cyprus Police and the Tax Department, as well as investigators from Germany who travelled to Cyprus to assist in Wednesday’s Joint Action Day, the police statement said.

Source: Parikiaki.com