The FIOD (Fiscal Intelligence and Investigation Service) conducted searches in a residence and at various business locations as part of an ongoing criminal investigation into a 68-year-old man suspected of tax fraud and forgery. The suspicion is that the suspect funneled money from his businesses to companies in Dubai, Cyprus, Seychelles, the United Kingdom, and the Isle of Man through various opaque corporate structures.
During the searches, documents that could provide further clarity for the investigation were sought. No one has been arrested.
The foreign companies are not registered in the name of the suspect, but it is suspected that he is the actual owner. The allegation is that he used these structures to keep millions of income and assets hidden from the tax authorities, thus evading the taxes owed.
To facilitate the transfer of funds, the suspect, presumably with the assistance of others, had fraudulent loan agreements prepared to cover up the diverted money. Additionally, expenses may have been improperly charged to the taxable profits of one of the companies.