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European prosecutors have frozen property and vehicles in Greece belonging to five people linked to an alleged multi-million-euro VAT fraud built around iPhone trading. The European Public Prosecutor’s Office estimates the unpaid tax at €115.5 million, with the bulk arising in Sweden.
The figure breaks down as €80.86 million from 33 Swedish transactions between 2019 and 2020, plus a further €34.67 million connected to Germany. Investigators say four Cypriot businessmen directed the operation from offices in Cyprus. Known among associates as the “Cyprus Boys,” they used the aliases Andy, Chris, Blondie (also called Tall George) and Little George.
Prosecutors describe a supply chain that moved smartphones through companies registered in Sweden, Germany, Albania and Cyprus. On paper the phones passed through successive sales and invoices; in practice, they say, the structure allowed the organisers to collect VAT without remitting it to the tax authorities. Sweden’s standard rate of 25 percent meant substantial sums were at stake on each taxable sale.
To mask the true nature of the trade, the network is alleged to have created invoices for Voice-over-IP telephony services and gift vouchers that investigators consider fictitious. A Berlin company is said to have acted as a buffer in the German leg of the chain, while Albanian firms served as intermediaries and seven Swedish entities appeared on the buying or selling side.
According to the case papers, Andy devised the invoicing arrangements, organised bulk purchases of phones and controlled the financial platform that moved the proceeds. Chris acted as his principal lieutenant and handled distribution of the funds. Blondie set up and ran two payment platforms, P-Exec and Rivalz. Little George, a former KPMG employee, monitored accounts, transfers and statements; together with Chris he is listed as a beneficial owner of P-Exec Limited.
The group is said to have financed the initial stock itself. Between late July and mid-October 2019 it channelled €7.25 million through companies it controlled to buy large quantities of iPhones. Once sales began in autumn 2019, money collected in Swedish bank accounts was transferred to Cyprus via the platforms and companies under the four men’s influence. From there, investigators claim, repeated account transfers, cash withdrawals, investments and asset purchases were used to integrate the funds into ordinary economic activity.
Besides the VAT offences, the four men face investigation for money laundering and participation in a criminal organisation.
Action against their Greek assets followed years later. On 12 March 2026 a German court issued rulings authorising seizure of property belonging to the four, citing the €80.86 million Swedish total. On 13 October 2026 European Delegated Prosecutor Charikleia Thanou signed Order 199/2026 freezing assets held in Greece by five individuals. The order covers a 78-square-metre third-floor flat and a small storage unit on Vasileos Georgiou B Street in Glyfada, two cars registered to Andy, a DS 3 Crossback and an Audi A3 45 TFSIe, and any bank accounts, investment products, safe-deposit boxes or other real or personal property in Greece that fall within the scope of the order.
The men were well known in the expensive restaurants and nightlife of Glyfada and the southern Athens suburbs, where they maintained a conspicuous lifestyle of large groups, late nights and high spending. Prosecutors say the money that supported that lifestyle included VAT that should have been paid to the Swedish and German treasuries.
