Swedish and Latvian authorities arrest eight individuals in a joint money laundering operation

In a significant development, eight individuals were arrested on September 24, 2022, by Sweden's Economic Crime Authority (EBM) in raids conducted in both Stockholm and Rīga. The arrests are linked to suspicions of serious economic money laundering and accounting offences that have been ongoing since at least 2021.

The criminal activity, according to the EBM, has been extensive and well-organised. The suspects allegedly managed money from car exports by returning cash to companies that paid false invoices. The money obtained from these false invoices was then used for purchasing cars, which were later exported and sold abroad.

The business money laundering is believed to have originated from the construction sector, with the invoicing companies used exclusively for receiving payments for false invoices. In total, the various invoicing companies have received approximately half a billion Swedish kronor (around 44 million euros).

However, the EBM did not disclose the current status of the arrested individuals or the ongoing investigation. No specific details were provided about the nature of the accounting offences, and the authority did not specify the exact nature of these offences either.

The scheme consisted of enabling a large number of "client companies" to free up money by the use of false invoices to various invoicing companies controlled by the suspects. The location of the raids, the specific companies or individuals involved in creating false invoices, purchasing cars with surplus funds, exporting them, and then reimbursing the companies that paid the false invoices, are not identified in the provided information.

As the investigation continues, the public is reminded to remain vigilant and report any suspicious activities to the authorities. The EBM will continue to work diligently to combat economic crime and ensure the integrity of Sweden's financial system.