Financial Crime World

Financial Fraud Rocks Lebanon: EUR 120 Million in Assets Frozen in Multi-Country Operation

A significant international operation has led to the freezing of assets worth EUR 120 million linked to a money laundering case in Lebanon, announced authorities from France, Germany, and Luxembourg yesterday. The action day saw five properties seized in Germany and France, as well as several bank accounts, marking a major blow to suspected financial fraudsters.

Investigation Overview

The investigation, believed to have been ongoing since 2002, has accused five suspects of embezzling public funds in Lebanon for amounts totaling over USD 330 million and EUR 5 million. Authorities claim that the suspects laundered the stolen funds through various channels, including real estate and bank accounts.

Assets Seized

  • Germany: Three properties with an estimated value of around EUR 28 million, as well as additional assets worth approximately EUR 7 million.
  • France: Two property complexes valued at EUR 16 million were confiscated, along with several bank accounts holding a combined total of:
    • EUR 2.2 million in France
    • EUR 46 million in Monaco
  • Luxembourg: Around EUR 11 million across several bank accounts.

International Cooperation

Eurojust, a European agency responsible for coordinating cross-border investigations, played a crucial role in supporting judicial cooperation by:

  • Setting up a joint investigation team (JIT)
  • Hosting three coordination meetings among the authorities involved
  • Providing expert analytical support to the investigation

Participating Agencies

The following agencies took part in this high-profile case:

  • Investigative judges of Court of Paris in France
  • Public Prosecutors Office Munich I and Federal Criminal Police Office in Germany
  • An investigative judge and anti-money laundering unit of the judicial police in Luxembourg

The suspects, who have not been formally charged yet, are accused of stealing public funds between 2002 and 2021. The freezing of assets worth EUR 120 million marks a significant milestone in the investigation and a major blow to suspected financial fraudsters.