The European Public Prosecutor’s Office (EPPO) in Milan (Italy) have seized assets and arrested six people, believed to be part of a criminal organisation, in a sting against a massive VAT fraud scheme involving several countries, with estimated losses of €40 million.
At stake is a suspected VAT carousel fraud, a complex criminal scheme that takes advantage of EU rules on cross-border transactions between its Member States, as these are exempt from value-added tax (VAT).
The complex investigation uncovered a labyrinthine network through which companies established in Bulgaria, the Netherlands, Poland and Slovakia sold electronics and computer equipment to shell companies in Italy, administered by figureheads, in order to evade the payment of VAT.
Source: eppo.europa.eu
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