Midas: five arrests in €114 million smartphone fraud investigation
At the request of European prosecutors in Munich, three suspects were arrested in Cyprus, one in Germany and one in Italy.
At the request of European prosecutors in Munich, three suspects were arrested in Cyprus, one in Germany and one in Italy. Prosecutors announced on 16 October that the investigation concerns suspected VAT carousel fraud involving smartphones. They estimate losses of €80 million in Sweden and €34 million in Germany.
The network allegedly used companies and missing traders in Germany, Albania and Sweden. Twelve searches targeted homes and business premises in Cyprus, Greece and Italy. Up to €80,000 was frozen in bank accounts; cars and property were also seized. The arrested suspects allegedly established and controlled the scheme.









































