Greek Authorities Investigate 200 in Betting-Related Money Laundering Scheme

1 month ago 11

Greek authorities person launched a sweeping probe into a large wealth laundering strategy involving astir 200 individuals—among them elder nationalist officials and ministry directors—suspected of utilizing licensed betting firms to disguise illicit funds.

The probe, conducted by Greece’s Anti-Money Laundering Authority and led by erstwhile Supreme Court lawman authoritative Charalampos Vourliotis, revealed that individuals had funneled up to €1 cardinal each done astir 10 antithetic betting companies, according to section media reports.

Loophole Exploited Through Retail Networks

Investigators uncovered that the suspects took vantage of a regulatory loophole permitting currency deposits via retail intermediaries specified arsenic convenience stores, petrol stations, and mini-markets. These outlets, acting arsenic postulation agents for betting companies, processed currency from customers with small oversight oregon scrutiny.

Customers would deposit ample sums of cash—often of chartless origin—at these locations. The funds were past credited to online betting accounts utilizing unsocial codes and aboriginal withdrawn to idiosyncratic slope accounts, allowing the wealth to look arsenic morganatic gambling winnings.

Notably, the store operators had nary ceremonial links to the fiscal oregon gambling sectors, which helped obscure the root of the funds.

Discrepancies successful Income Triggered Investigation

The laundering strategy came to airy erstwhile the Authority cross-checked gambling transactions with taxation records, flagging large inconsistencies betwixt reported income and betting activity.

Many of those nether investigation, including high-level authorities officials, failed to warrant their gambling expenditure based connected their declared fiscal means.

Regulatory Response

In effect to the findings, the Anti-Money Laundering Authority has alerted Greece’s Gaming Control Supervisory Committee, the regulator liable for overseeing the gambling industry.

The vulnerability of this strategy has prompted calls for tighter regulatory oversight and appears to person efficaciously unopen down a important vulnerability successful Greece’s betting infrastructure that enabled large-scale wealth laundering.

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