Romanian authorities conducted 66 searches across the country on Wednesday, detaining 15 suspects linked to an organized crime group accused of embezzlement, misuse of company assets, and money laundering. Among those detained were legal representatives of several companies, according to the Directorate for Investigating Organized Crime and Terrorism (DIICOT).
The group allegedly misappropriated more than 25,000 cryptocurrency units, valued at over 66 million Romanian leu ($14.3 million), from an energy project between 2018 and 2020. The funds were transferred to virtual wallets controlled by the group’s members or affiliated companies and individuals, DIICOT said.
Investigators said two suspects, administrators of a commercial company, allegedly formed a criminal organization in 2018 with two others involved in the renewable energy project. The group reportedly aimed to secure large sums of money through illegal activities.
The leaders are believed to have operated in a highly “coordinated and specialized manner,” using a complex scheme to misappropriate and launder company funds. DIICOT said evidence indicates that additional suspects, including experts in IT, accounting, and taxation, later joined the operation, forming a secondary tier within the network.
Alongside misappropriating company funds, the group is suspected of converting cryptocurrency into fiat currency—national currency not tied to commodities like precious metals—which was then deposited into bank accounts to conceal its illegal origins.
Authorities said the suspects allegedly withdrew funds from bank accounts and cryptocurrency ATMs, using the proceeds to buy real estate, cars, and luxury trips, fund businesses, and provide loans to associates and company employees aware of the money’s illicit origins.
The group is also accused of issuing false reports claiming profits from cryptocurrency trading, according to DIICOT.
