By Sofia Spingou for Ekathimerini
Anti-money laundering authorities have frozen assets worth hundreds of millions of euros linked to a cigarette smuggling ring that caused an estimated €1 billion in state losses over eight years.
The Hellenic Anti-Money Laundering Authority seized 42 properties – including a hotel near Nafplio – 26 luxury vehicles and several vessels, among them tankers. The network allegedly produced around eight million cigarettes monthly, generating illegal revenues exceeding €5 million per month, distributing counterfeit products bearing forged tobacco brand trademarks across EU and non-EU countries.
The ring, led by two brothers known by the nicknames “President” and “Putin,” operated from 2018 to 2026 through shell companies, fictitious invoices and false certifications. Production facilities were identified in Attica, Viotia and Evia. Ten of 26 arrested were remanded in custody in February.
The brothers denied wrongdoing, attributing their prosecution to rival business interests. A 130-page report involving 38 individuals and 21 companies has been forwarded to prosecutors.
