Money laundering gang detained

Sep 29, 2008
In cooperation with BNS

VILNIUS - The Lithuanian Financial Crime Investigation Service detained persons belonging to an international gang suspected of laundering more than 36 million litas (10.43 million euros) in Latvia and Lithuania.

Officers of the FCIS Siauliai county unit detained two residents of Radviliskis, a small town 200 kilometers north of Vilnius, outside a commercial bank. The suspects, aged 26 and 27, were apprehended in an investigation into fraud and legalization of illegal cash.

The suspects were detained as they were walking out of the bank after cashing out 53,000 Latvian lats. Later searches at homes and cars of the detained suspects revealed documents and other items belonging to Latvian companies, as well as another 100 lats and 1,500 litas.

The two men are suspected of using forged letters of authorization of Latvia-registered companies (at least 12, according to preliminary information), which enabled them to manage bank accounts of the Latvian companies, which carried out no economic or financial activities. The law-enforcement suspects that the companies were used to conceal and legalize money through financial transactions.

Upon receipt of the cash to bank accounts of the Latvian companies, the suspects divided the sums and made bank transfers to accounts of other Latvian companies. The money was later cashed and returned to Latvian citizens.

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