The Netherlands’ Fiscal Information and Investigation Service (FIOD) suspects three men in their 40s of bankruptcy fraud and money laundering through three companies. As part of its investigation, the authority searched three homes in different regions in the country.
FIOD began its criminal investigation after a bankruptcy trustee reported a suspicion of bankruptcy fraud. Investigation revealed that over 600k euros ($729k) are likely to have been withdrawn from bankruptcy assets. Moreover, the debts within the bankruptcies amount to over 5 million euros.
The three suspects had an extravagant lifestyle with large homes, luxurious cars and expensive watches. They had not paid their creditors and employees and refused to let the trustee inspect their company records. The companies became bankrupt most likely because the suspects transferred money from company accounts to their private bank accounts. Dutch authorities have not yet arrested the suspects.
Source: FIOD, Netherlands