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International Apprehension: Cross-border Collaboration Leads to Arrest

In a dramatic turn of events, a 68yearold fraud suspect was arrested in Paphos, Cyprus, thanks to the tireless collaboration between Cypriot and German authorities, responding to an international warrant linked to his fraudulent activities from 2015 to 2018. As he faced extradition proceedings now, this case highlights the critical role of international cooperation in fighting sophisticated financial crimes that threaten economies worldwide.

financial fraud money laundering

Exposing the Underbelly of Financial Fraud: The Cyprus Connection

A massive financial fraud operation in Cyprus, involving 430 front companies across Greece, Cyprus, and Slovakia, has led to the arrest of 21 individuals and the exposure of €26 million in tax fraud. This intricate scheme, utilizing carousel fraud tactics and employing unemployed individuals as front figures, underscores the ongoing battle against money laundering in Europe.

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