The European Public Prosecutor’s Office (EPPO) has secured plea agreements from three individuals involved in a large-scale VAT fraud and money laundering operation under the investigation code-named Admiral 2.0. The scheme caused an estimated €5 million in damages to the state budgets of Austria, France, Germany, Italy, and Spain. The accused face one year of imprisonment, fines exceeding €1 million, and the confiscation of assets, including cash, luxury watches, and cryptocurrency.
In a significant development, the EPPO in Riga, Latvia, has submitted three plea agreements to the Court of Economic Affairs as part of the Admiral 2.0 investigation. The individuals have admitted to their involvement in a complex VAT carousel fraud scheme that exploited EU cross-border transaction exemptions. The fraudulent activities spanned multiple EU member states, leading to substantial financial losses.
The investigation revealed that the accused were part of a network of over 400 companies engaged in fraudulent sales of consumer electronics. The operation not only evaded VAT but also laundered illicit proceeds through various channels, including real estate investments and luxury goods purchases. The EPPO’s collaboration with national authorities was instrumental in dismantling this extensive criminal network.
The upcoming court hearing on 26 September 2025 will determine the final approval of the plea agreements. The EPPO continues to pursue justice in this case, with further investigations ongoing to identify and prosecute all individuals involved in the scheme.
The Admiral 2.0 investigation is a testament to the EPPO’s commitment to combating cross-border financial crimes within the EU. The case underscores the importance of international cooperation in addressing complex fraud and money laundering activities. The EPPO’s proactive approach serves as a deterrent to potential offenders and reinforces the integrity of the EU’s financial systems.
