Fictitious trade in scrap metal and manipulation of shares on the Warsaw Stock Exchange. 8 persons detained by the CBA
Eight persons detained by the CBA in connection with a new investigation into suspected manipulation of financial instruments and money laundering.
The CBA Regional Office in Lublin, under the supervision of the District Prosecutor's Office in Warsaw, has been carrying out preparatory proceedings concerning, among others, the suspected manipulation of financial instruments. The proceedings were initiated on the grounds of the evidence gathered by the CBA officers.
In the course of the activities carried out in this case, extensive evidence was collected to confirm the operation of a criminal group which issued and used unreliable VAT invoices documenting fictitious trading in scrap steel and non-ferrous metals for the amount of approximately PLN 54 million. The group consisted of representatives of companies from the Kujawsko-Pomorskie Voivodeship dealing in scrap metal. The investigation findings indicate that the practice lasted from 2017 to 2018. It has been established that the activity of the group resulted in depleting the due tax by approximately PLN 11 million.
The money obtained through factoring was used to manipulate the share price of one of the companies listed on the Warsaw Stock Exchange, by misleading investors as to the actual demand for a financial instrument in the form of shares and creating an increase in their value, as a result of which a financial gain of approximately 35 million PLN could have been obtained.
In recent days, the CBA officers have detained eight people, including company managers and representatives of other entities cooperating with them. Over a dozen locations have also been searched.
In the prosecutor's office, the detainees have been charged with participation in the criminal activities of an organised crime group, attestation of an untruth in documents, money laundering, penal fiscal offences, and manipulation of financial instruments. By court decision, four persons have been remanded in custody. Non-custodial preventive measures have been applied against the other detainees.
During the operations, the CBA officers secured property worth over PLN 1 million 700 thousand.
Public Relations Division of the CBA
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