Hungarian police authorities, with support from Europol, have busted a criminal organization, comprising of at least 44 individuals, involved in money laundering and fraud.
Earlier in May 2022, the authorities searched 24 houses in Budapest, Pest County and Szabolcs-Szatmár Bereg County. They interrogated 16 suspects, and arrested five. Further, the authorities seized funds in 32 countries in Europe, Australia and South America. They also seized several electronic equipment, mobile phones, data storage devices, payment cards, weapons, jewellery, a luxury vehicle, and cash equivalent to over $128,628.
The criminal enterprise set up numerous shell companies, opened bank accounts in their name, and used them for money laundering. The bank accounts received the proceeds of invoice and cryptocurrency fraud from different countries. The criminals then transferred the funds to other accounts to conceal the illicit nature of the proceeds.
Since September 2020, the criminal enterprise has allegedly laundered over €44 million ($47.16m). Authorities have already identified the criminal origin of €5 million ($5.36m).