https://greekcitytimes.com/2025/09/10/greek-authorities-investigate-200-in-betting-related-money-laundering-scheme/

Greek authorities have launched a sweeping investigation into a major money laundering scheme involving around 200 individuals—among them senior public officials and ministry directors—suspected of using licensed betting firms to disguise illicit funds.

The probe, conducted by Greece’s Anti-Money Laundering Authority and led by former Supreme Court deputy prosecutor Charalampos Vourliotis, revealed that individuals had funneled up to €1 million each through roughly 10 different betting companies, according to local media reports.

Loophole Exploited Through Retail Networks

Investigators uncovered that the suspects took advantage of a regulatory loophole permitting cash deposits via retail intermediaries such as convenience stores, petrol stations, and mini-markets. These outlets, acting as collection agents for betting companies, processed cash from customers with little oversight or scrutiny.

Customers would deposit large sums of cash—often of unknown origin—at these locations. The funds were then credited to online betting accounts using unique codes and later withdrawn to personal bank accounts, allowing the money to appear as legitimate gambling winnings.

Notably, the store operators had no formal links to the financial or gambling sectors, which helped obscure the source of the funds.

Discrepancies in Income Triggered Investigation

The laundering scheme came to light when the Authority cross-checked gambling transactions with tax records, flagging major inconsistencies between reported income and betting activity.

Many of those under investigation, including high-level government officials, failed to justify their gambling expenditure based on their declared financial means.

Regulatory Response

In response to the findings, the Anti-Money Laundering Authority has alerted Greece’s Gaming Control Supervisory Committee, the regulator responsible for overseeing the gambling industry.

The exposure of this scheme has prompted calls for tighter regulatory oversight and appears to have effectively shut down a significant vulnerability in Greece’s betting infrastructure that enabled large-scale money laundering.