A massive €700 million fraud operation centred around the port of Piraeus has been uncovered following a major cross-border investigation led by the European Public Prosecutor’s Office (EPPO). The probe, codenamed “CALYPSO”, revealed an organised criminal network that illegally imported goods from China to the European market, evading customs duties and VAT.
The scheme involved fraudulent imports of items such as clothing, footwear, and electric bicycles and scooters. These goods were brought into the EU under false customs declarations, significantly underreporting their value to avoid paying the appropriate taxes. The resulting financial loss to EU and national budgets is estimated at €700 million- €250 million in customs duties and around €450 million in VAT.
The investigation, which spanned 14 countries, culminated on 25 June 2025 with coordinated raids in Greece, Spain, France and Bulgaria. Authorities searched 101 premises linked to customs agents, logistics firms, lawyers, and accountants suspected of facilitating the fraud. Ten people were arrested, including two customs officers. Firearms were also seized at three suspects’ homes.
Among the confiscated assets were €5.8 million in cash and cryptocurrencies (with €4.78 million found in Greece), 7,133 electric bikes, 3,696 electric scooters, and 480 shipping containers held at the Piraeus port. Authorities also seized 11 properties, 27 vehicles, and various luxury items in Spain. Additional asset freezing orders were issued in Greece, targeting real estate, yachts, and bank accounts.
The fraud was primarily orchestrated by criminal groups controlled by Chinese nationals, who oversaw the import, distribution, and money laundering processes across the EU. Profits were funneled back to China while circumventing EU trade regulations.
The European Anti-Fraud Office (OLAF), EUROPOL, and national authorities from Greece, France, Spain, and Bulgaria collaborated on the CALYPSO operation, marking a major success in cross-border financial crime enforcement.
Read also: Online scam in Paphos: €17,000 stolen via phishing link
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