Fifteen locations in Bucharest, Gorj, Giurgiu and the Danube Delta area were searched on May 24 upon the request of the European Public Prosecutor's Office (EPPO), as part of an investigation on supposed frauds with European funds with prejudices of over 3 million euros, a press release of the European institution informs. EPPO suspects three persons of setting up an organized criminal group in 2018 for fraud with European funds meant to develop the Danube Delta (Regional Operational Program 2014-2020). For that, the suspects organized a fraud mechanism by means of 7 companies, which they controlled either directly or by proxy.Two of the suspects laid the disposal of the group four companies which had fraudulently accessed European funds which they used in other areas outside the Danube Delta.Suspects had a system which, based on fake documents, created false facts about project implementation, the existence of financial resources from personal contribution to projects and the transparent organization of purchase procedures, whose manipulation led to an artificial price increase. The third suspect supplied equipment (bought with 70% European funds) to the four companies controlled by the other two people, at over evaluated prices, the difference between the real price and the one declared to managing authorities remaining at the disposal of the group. In order to over estimate the equipment value three other companies were used, all of them controlled by a third suspect. The equipment was imported to Romania by the first company and then it was sold, at a much higher price, to the second one, registered in Bulgaria. The latter sold it at even higher prices to firms controlled by the other two members of the group. In order to create an apparent justification for this price increase, a third firm was used, in whose accounts they transferred the sums resulting from price increases. The total prejudice is estimated to be 14,437,000 lei (about 3 million euros). The three suspects were indicted on Wednesday and bail was established for each of them, a total of 1.7 million euros. Searches were made with the aid of policemen from EPPO support structure in Romania, of the Economic Crime Investigation Department within IGPR, of IJP Gorj – the Economic Crime Investigation Service and the Special Task Force of Romanian Gendarmerie , EPPO press release shows.
This article series tells the stories of the 15 finalists selected in the BVB Arena program. BVB Arena is the flagship program of the Bucharest Stock Exchange, dedicated to developing and promoting the Romanian entrepreneurial environment. The program’s goal is to select and promote Romanian companies that have the greatest growth potential and high chances […]
Salt Bank, the first 100% digital Romanian bank built entirely from scratch, has been named by Celent as the 2025 Model Bank for Digital Bank Launch. Celent is one of the world’s most prestigious research and advisory firms focused on technology for financial institutions. By receiving the title of "2025 Model Bank for Digital Bank […]
The 8th edition of the national educational program “Healthy Lifestyle, Diverse Nutrition and an Eco-Responsible Attitude” under the motto “Good for Taste, Good for Health, Good for the Planet!” has concluded. The program was organized by the Taste Celebration Association and funded by the Auchan Foundation with 100,000 euros. The program aims to convey to […]
Romania's budget deficit, meaning the gap between revenues and expenditures, reached 3.39% of GDP after the first five months of the year, while the new government grapples with balancing initiatives. The deficit increased compared to the first four months, when it stood at 2.95% of GDP, and remained roughly stable compared to the first five […]
eLog, a Balkan-based provider of reusable transport packaging systems for the retail sector, has entered the Romanian market by leasing 4,000 sqm of warehouse and office space at CTPark Bucharest North. The facility, developed by CTP, will serve as eLog’s first operational hub in Romania, supporting its expansion into local retail logistics. Specializing in Retail […]
More than three-quarters of Romanians (76%) see Artificial Intelligence as an opportunity for the economy and society, although half of them also acknowledge its risks, according to a new RoCoach and Novel Research study. Overall, over one-third of respondents (35.7%) believe that AI will primarily lead to job losses, even if new types of roles […]
