Greece’s Independent Authority Against Money Laundering has placed several betting companies under investigation amid allegations they served as “laundromats” for illicit funds, with Greek officials among those interviewed as part of the probe.
Following a months-long probe, the authority identified roughly 200 individuals who allegedly funneled undeclared money through at least ten licensed gambling operators, disguising millions of euros as legitimate winnings.
Greek public officials among the suspects
What has shocked investigators is the profile of many of the suspects. Among them are high-ranking civil servants, including directors within ministries and public services.
According to the authority’s findings, these officials placed wagers of up to €1 million (about $1.1 million), sums far exceeding their declared incomes.
By cross-checking tax records with gambling transactions, investigators uncovered glaring discrepancies that pointed to the use of betting platforms for laundering money of unknown origin.
How the money laundering scheme involving Greek officials worked
The scheme reportedly relied on the use of betting accounts as intermediaries for cash deposits. Players would first create accounts with licensed gambling operators, receiving a unique code linked to their profile.
Instead of depositing funds through standard banking channels, they allegedly visited small retail shops acting as agents—such as convenience stores, mini-markets, and gas stations—that were affiliated with betting firms.
At these shops, customers handed over large sums of cash, which were then credited to their betting accounts. Once deposited, the funds appeared to have passed through a legitimate gambling platform. With a simple transfer, the balance—including the illicit funds—was moved to personal bank accounts under the guise of legitimate gaming proceeds.
Retail shops as middlemen
Investigators found that many of the intermediaries were business owners with no direct ties to the financial sector or the gambling industry.
These shopkeepers acted as deposit agents, taking in cash without verifying its source. The process allowed clients to integrate undeclared funds into the financial system without raising immediate red flags.
Creating the illusion of legitimacy
By cycling suspicious funds through betting platforms and then moving them into registered bank accounts, suspects gained the appearance of legitimate earnings.
This layering technique made it difficult to trace the money’s true origin and provided cover for large-scale laundering operations.
Next steps in the money laundering investigation connected with Greek officials
The Independent Authority is now scrutinizing both the individuals and the companies involved. The probe could expand further, with authorities examining whether betting firms knowingly facilitated the practice or failed to comply with anti-money-laundering laws and regulations.
The case underscores growing concerns about how gambling platforms can be exploited for financial crime and raises questions about oversight in Greece’s gaming sector.
