Athens: The European Public Prosecutor's Office (EPPO) in Greece announced on Tuesday that it had seized £46.9 million ($53.6 million) in a suspected VAT carousel fraud case. The significant seizure highlights the ongoing efforts by the EPPO to combat complex financial crimes within the European Union.

According to Anadolu Agency, the EPPO said it conducted searches and seizures at several locations in the central region of Attica and the northern city of Kastoria. These actions are part of an ongoing investigation into suspected VAT carousel fraud involving the trade of small electronic goods and the laundering of criminal proceeds.

The investigation, which began almost a year ago, has so far revealed a complex network of companies established in Bulgaria, Cyprus, Czechia, and Greece. These companies are allegedly used to trade small electronic goods across the EU. The EPPO stated in a release that the network is suspected of exploiting the VAT exemption applicable to cross-border transactions between EU Member States.