Cyprus, Germany and Italy | Five suspects arrested in a tax fraud case worth 114 million euros | CUAC

Civil Union - Follow-ups The European Public Prosecutor's Office (EPPO) announced the arrest of five people as part of an investigation into a network suspected of involvement in cross-border value-added tax fraud, worth an estimated 114 million euros, as part of an investigation known as “Midas.” The office explained that three suspects were arrested in Cyprus, one in Germany, and another in Italy, on suspicion of establishing and managing the fraud network. The case concerns sales of smartphones through companies in Germany, Albania and Sweden, which are suspected of being used to circumvent tax rules for cross-border commercial transactions. According to investigators' estimates, tax losses amounted to about 80 million euros in Sweden and 34 million euros in Germany. The operation included carrying out 12 inspections at sites linked to the suspects and companies under investigation, with the participation of authorities from Cyprus, Germany, Greece and Italy. Financial assets worth up to 80,000 euros were also frozen, and cars and real estate were seized in Cyprus, Greece, and Italy. The European Public Prosecutor's Office confirmed that all suspects enjoy the presumption of innocence until proven guilty before the competent courts. Source: European Public Prosecutor's Office (EPPO).