Financial Crime World

Money Laundering Ring Busted in Georgia: Several Million Dollars Stolen from Swiss Confederation Recovered

In a joint operation with Eurojust and Swiss law enforcement, Georgian authorities have dismantled a money laundering ring operating through multiple call centers across the country. The group, believed to have embezzled “several million Swiss francs belonging to citizens of the Swiss Confederation,” was taken into custody (Prosecutor’s Office, 2023).

The Scheme

Using clever marketing strategies, the suspects allegedly:

  1. Set up numerous companies and call centers.
  2. Registered e-commerce platforms under various brand names.
  3. Advertised lucrative financial deals to potential victims.

These tactics aimed to enhance credibility and lure victims.

Fraudulent Tactics

As a result, the allegedly stolen funds were routed to the suspects’ bank accounts. The money was then:

  1. Invested in real estate.
  2. Hidden to prevent detection.

Extensive Searches and Seizures

Swiss and Georgian law enforcement, supported by Eurojust, conducted extensive searches at the call centers, as well as the residences, workplaces, and vehicles of over 50 suspects linked to the case. During the operations, they seized:

  • Hundreds of electronic devices.
  • Documents.
  • Cash.
  • Real and movable properties, valued up to five million Georgian laris ($1.87 million).

Penalties and Collaboration

If convicted on charges of fraud and money laundering, the suspects may face a prison term ranging from nine to 12 years. Georgian authorities have stressed their ongoing efforts to collaborate with international partners, aiming to focus on the identification and exposure of more individuals or legal entities involved in the proliferation of fraudulent call centers across multiple countries.

Between 2021 and 2024, Georgian authorities worked with their European counterparts to bring charges against 72 suspects and three legal entities for similar crimes (Prosecutor’s Office, 2023). The collaboration shows the dedication of international partners in tackling transnational fraud and money laundering actions.

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