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Nikolay Kitov, who is a member of the Boards at Technomarket and K&K Electronics, has been arrested in Bulgaria's capital Sofia, the Bulgarian prosecuting authority has said.
Managed by the Sofia City Prosecutor's Office, the operation to detain him was triggered by an ongoing probe into his alleged involvement in a millions-worth tax fraud scheme.
A European Arrest Warrant had been issued for his detention over his supposed participation in a "Carousel" accounting scheme.
Earlier, the Sofia City Prosecutor's Office received a request for assistance by the Prosecutor's Office of Monza (Milan).
"Carousel" normally involves the so-called "missing traders" used by organized criminal gangs to steal value-added tax (VAT) from governments.
Local media reports in Italy point to Kitov as one of the "masterminds" behind the scheme.
Nine European states are helping Monza prosecutors look into the scam which which involved fake deals with television sets.
Several of his alleged accomplices have reportedly been arrested throughout Italy in the past days.
Kitov founded Technomarket in 1992 as one of Bulgaria's top retails chains for household electronics.
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