Georgian authorities launched criminal proceedings against four foreign nationals and five legal entities accused of a transnational criminal scheme involving the alleged transfer of a “particularly large amount” of illicit funds into Georgia for laundering.
Speaking at a July 27 briefing, Beka Kvitsiani, Deputy Head of the Investigation Department of Georgia’s Prosecutor General’s Office, said the defendants transferred the equivalent of GEL 21.5 million (about USD 8.1 million) “in various currencies” from abroad “through multiple small transactions” into personal and corporate bank accounts in Georgia. According to Kvitsiani, the funds were of “illegal and unsubstantiated origin” and were transferred “for laundering.”
He alleged that the defendants used “forged documents” and “fictitious payment descriptions” for the transfers, and the entities they established in Georgia lacked “the intention of conducting real business activities.” He added that they also transferred “a small portion of the funds accumulated in Georgian bank accounts” abroad, allegedly again using forged documentation and fictitious payment purposes.
“The majority of the illicit assets, however, have been frozen as part of the ongoing investigation,” he added, noting that approximately GEL 14 million (about USD 5.3 million) worth of foreign currency and GEL 1 million (about USD 380,000) worth of real estate had been seized. He said prosecutors would take relevant legal steps to seek their confiscation in favor of the state.
As part of the investigation, the individuals face nine to twelve years in prison, while the legal entities face liquidation, revocation of their right to conduct business, and fines. According to Kvitsiani, prosecutors will request pre-trial detention for the individuals, after which they will be declared wanted.
Also Read:
