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NAV proposes filing charges in HUF 2.5 bln VAT fraud case

Hungaryʼs tax authority NAV has proposed that the Budapest Chief Prosecutor bring charges against members of a criminal organization, which defrauded more than HUF 2.5 billion in VAT by operating a chain of companies trading primarily in cooking oil and sugar, NAV told Hungarian news agency MTI today.

NAV said the 28 suspects operated sixteen companies that sold goods purchased in Slovakia in Hungary via a chain of companies they established, primarily to multinational companies, retail chains and large-scale users.

The financial investigators secured assets worth a combined HUF 800 mln in the form of cash, vehicles and other goods as well as bank accounts and properties.

Charges are expected to be pressed on financial fraud committed as part of a criminal organization, money-laundering committed on a commercial scale, violation of accounting rules and forgery of public documents.