By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sarajevo TimesSarajevo TimesSarajevo Times
  • HOME
  • POLITICS
    • BH & EU
  • BUSINESS
  • BH TOURISM
  • INTERVIEWS
    • BH & EU
    • BUSINESS
    • ARTS
  • SPORT
  • ARTS
    • CULTURE
    • ENTERTAINMENT
  • W&N
Search
  • ABOUT US
  • IMPRESSUM
  • NEWSLETTER
  • CONTACT
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: Crackdown on Multimillion Euro VAT Fraud involving Car Sales
Share
Font ResizerAa
Sarajevo TimesSarajevo Times
Font ResizerAa
  • HOME
  • POLITICS
  • BUSINESS
  • BH TOURISM
  • INTERVIEWS
  • SPORT
  • ARTS
  • W&N
Search
  • HOME
  • POLITICS
    • BH & EU
  • BUSINESS
  • BH TOURISM
  • INTERVIEWS
    • BH & EU
    • BUSINESS
    • ARTS
  • SPORT
  • ARTS
    • CULTURE
    • ENTERTAINMENT
  • W&N
Follow US
  • ABOUT US
  • IMPRESSUM
  • NEWSLETTER
  • CONTACT
© 2012 Sarajevo Times. All rights reserved.
Sarajevo Times > Blog > WORLD NEWS > Crackdown on Multimillion Euro VAT Fraud involving Car Sales
WORLD NEWS

Crackdown on Multimillion Euro VAT Fraud involving Car Sales

Published February 23, 2024
Share
SHARE

In an operation led by the European Public Prosecutor’s Office (EPPO) and supported by Europol, 3 suspects were arrested and over 80 searches were conducted in Germany and Italy. The action day on 20 February 2024 was the culmination of an investigation into an alleged criminal organisation suspected of a multimillion euro VAT fraud involving car sales. It is understood that the scheme led to over EUR 70 million in lost VAT in Germany alone.

Three individuals, suspected of being the ringleaders of the fraud scheme, were arrested in Germany. During the searches, carried out in several locations across Germany (including Munich, Cologne and Rostock) and Italy, over 40 expensive vehicles and a luxury apartment in Munich were seized. In addition, several bank accounts, valuing over EUR 1.2 million were frozen. Law enforcement seized cash in several currencies, as well as luxury watches, jewellery and several luxury bags found in the suspects’ residences. Officers on the scene found a robot used to print signatures in invoices and discovered a weapon.

The suspects are believed to have used German companies to fraudulently export cars – both used and new – from Germany to other EU Member States. To that end, they allegedly relied on an intra-community VAT ‘carousel’ fraud. This complex criminal scheme takes advantage of EU rules on cross-border transactions between Member States, as these are exempt from value-added tax (VAT). VAT fraud, or Missing Trader Intra-Community (MTIC) fraud, is a highly profitable crime that results in billions of euros in annual tax losses for Member States.

According to the evidence, the suspects purchased vehicles on a large scale from various German car dealers, and then used a network of shell companies and forged invoices to simulate that the cars were being sold in other Member States so as to evade the payment of VAT. There are reasonable grounds to believe that the vehicles were delivered to missing trader companies, often located in Italy. According to the investigation, more than 200 of the companies that appeared on invoices as buyers of the vehicles are in fact missing traders who do not fulfil their tax obligations in their country. In some instances, it is also suspected that the vehicles were being kept in Germany.

The investigation counted on the support of Europol, Germany’s Tax Investigation Offices in Munich (Finanzamt München – Steuerfahndungsstelle) and Hagen (Finanzamt für Steuerstrafsachen und Steuerfahndung Hagen), the Police of Hagen and the Italian Financial Police (Guardia di Finanza) in Prato, Tuscany. The searches, carried out simultaneously in Germany and Italy, were conducted by hundreds of officers from the Tax Investigation Offices in Germany, the Bavarian and North Rhine-Westphalian police forces, including a special police command (SEK) and the Italian Financial Police.

Leading up to the action day, Europol provided analytical support to the partners in this investigation. Furthermore, Europol supported the action day by providing over 80 secure communication channels (VCP-Virtual Command Post), deploying four Universal Forensics Extraction Devices (UFEDs) to the action sites, and deploying a specialist with a mobile office to the operational command centre in Germany.

SIPA arrested Austrian Citizen in Sarajevo

Trump Administration Cuts 1,600 USAID Jobs in Major Workforce Reduction

Chairperson of CoM to participate at Bled Strategic Forum

At least 11 Palestinians were killed in Israeli Attacks on Tents in Rafah

BiH Border Police arrested a German on an Interpol Warrant

Share This Article
Facebook Whatsapp Whatsapp Telegram Threads Bluesky Email Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Russia expanded Blacklist of European Officials
Next Article Schools, Kindergartens, Public Companies in Serbia are covered by Facial Recognition Cameras
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Stay Connected

10.2kFollowersLike
10.1kFollowersFollow
414FollowersFollow

Latest News

Ban on Religious Symbols in Public Service in BiH deemed necessary Measure, Constitutional Court rules
January 16, 2026
Europeans fear that Artificial Intelligence will threaten Jobs
January 16, 2026
New Recession on the Horizon: World Markets in Fear, BiH unprepared for a new Crisis
January 16, 2026
The Divorce of Jennifer Lopez and Ben Affleck could be the most Complex and Expensive in History
January 16, 2026
After Travnik, Ljubuski becomes a Digital Tax-Free City in BiH
January 16, 2026
A painful Story from Gaza: The Father went to get the Birth Certificates of the Twins, when he returned the Babies were killed
January 16, 2026
EU Urges Urgent Action to Fix Deficiencies in BiH’s Anti-Money Laundering and Counter-Terror Financing System
January 16, 2026
BiH and Croatia Hold Joint Committee Meeting to Monitor Implementation of European Partnership Agreement
January 16, 2026
“Fulfil key Obligations to avoid the “grey list” of the FATF“
January 16, 2026
The Anniversary of the Martyrdom of the Serbs in Skelani was marked
January 16, 2026
Sarajevo TimesSarajevo Times
Follow US
© 2012 Sarajevo Times. All Rights Reserved.
  • ABOUT US
  • IMPRESSUM
  • NEWSLETTER
  • CONTACT
Go to mobile version
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?