Led by Laura Codru?a Kovesi, the European Public Prosecutor’s Office (EPPO) announced on Thursday that 38 searches have been conducted in Romania as part of two investigations into an alleged €15 million fraud. The investigations also span Cyprus, the Czech Republic, Malta, Monaco, and the United States. The cases revolve around six EU-funded IT projects for the development of innovative software solutions, with the offenses being fraud and money laundering. The European Anti-Fraud Office (OLAF) has opened supplementary investigations related to the same acts. The searches in Romania were conducted on Tuesday in various areas, including Bucharest, Ploiesti, Cluj, and Ialomi?a, as stated in a press release issued by EPPO on Thursday. Additionally, judicial proceedings took place in Cyprus, the Czech Republic, Malta, Monaco, and the United States through international cooperation. Six EU-funded IT projects aimed at developing innovative software solutions are the focus of these investigations. EPPO reports that between 2019 and 2022, project beneficiaries submitted false or inaccurate documents related to services, including overpriced services that were never provided, as well as fraudulent invoices for the acquisition of goods. As a result, they obtained unjustified funds from the EU budget amounting to at least €15 million. The beneficiaries are suspected of subsequently creating fraudulent domestic and international financial circuits to divert the funds for their own benefit, according to the European Public Prosecutor’s Office. Some of the individuals targeted by the investigation were brought to EPPO’s office in Bucharest to be informed of their suspect status, while others will be brought in the following days. The offenses under investigation could constitute crimes of fraud and money laundering. The European Anti-Fraud Office (OLAF) has initiated complementary investigations into the same offenses, as indicated by EPPO.
Romanian retail chain La Cocoş recorded a turnover of RON 1.18 billion (EUR 237 million) in 2024, marking a 20.7% y/y increase and becoming the first domestically owned retailer to exceed the RON 1 billion benchmark, according to Ziarul Financiar. Founded in 2014 by entrepreneur Iulian Nica, La Cocoş...
Even though Romania's currency, RON (leu), has depreciated relatively steeply in the past weeks, compared to historic low volatility, ING Romania maintains its exchange rate forecast for this year and argues that the national currency could recover from recent losses. "However, it is important to look at the bigger picture: financial markets can often have […]
Romania's industrial production index contracted by 4.2% y/y in Q1 and neared the lowest level in the past three years, according to the statistics office INS. The seasonal and workday-adjusted index (-0.4% q/q) has followed a visible downward trend after the post-Covid recovery in 2021 and 2022. The seasonal and workday-adjusted index in Q1 was […]
The net foreign direct investments to Romania contracted by 29% y/y to EUR 4.87 billion in 12 months to March 2025, after a 33% y/y contraction (to EUR 1.67 billion) in Q1, according to data published by the National Bank of Romania (BNR). The net foreign direct investments accounted for only 1.4% of the GDP […]
Romania’s current account (CA) deficit rose by 50% to EUR 33.0 billion in 12 months to March 2025, after a sharp 82% y/y surge (to EUR 7.7 billion) in Q1, according to data published by the National Bank of Romania (BNR). The CA gap reached 9.3% of GDP (based on the latest available 4-quarter GDP […]
Romania's general government budget deficit hit 2.94% of GDP in January-April (RON 56.2 billion, or EUR 11 billion), up from 2.3% of GDP in Q1, according to Ziarul Financiar and
