Send to Kindle
Grisha Ganchev. Photo by Sofia Photo Agency
The son of well-known Bulgarian businessman Grisha Ganchev has been arrested in a special police operation tackling VAT fraud in the production of sugar, according to unconfirmed information.
Ganchev is the owner of the Litex FC and the Litex company, based in the northern Bulgarian city of Lovech. As of the end of 2011, Ganchev's joint venture with the Chinese company Great Wall Motors, Litex Motors, started the production of Chinese cars for the EU market in the Litex Motors factory near Bulgaria's Lovech, in the village of Bahovitsa.
On Thursday, officers of the Bulgarian Unit for Combating Organized Crime GDBOP and the National Revenue Agency busted what is said to be organized crime group that incurred hundreds of millions worth of BGN to the state budget, according to the Interior Ministry.
Initial reports state that the VAT fraud scheme was invented by the CEO of a commercial company selling large quantities of sugar to retailers.
The sugar is provided from a joint venture in charge of the Bulgarian sugar production plants in Burgas and Devnya.
The suppliers provided only invoices only for a small faction of the total deliveries, which are worth between BGN 40 000 and BGN 130 000 daily. They used a bankrupt firm plus a chain of "missing traders" in order to commit fraud with the value-added tax.
According to the Bulgarian police, the organized crime group dealing with the sugar VAT fraud scheme also planned to import a test quantity of 25 tonnes of sugar containing toxic elements from the region of the town of Chernobyl in Ukraine, the home of the busted nuclear power plant.
In the event that it could be sold successfully in Bulgaria, the group planned to set up permanent imports of toxic sugar.
Bulgaria's police have arrested five persons as part of the sugar VAT fraud ring, with further inspections and searches continuing in the town of Devnya and the Danube city of Ruse.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Republican Congressman Mike Johnson from Louisiana has made a significant pivot in his stance on foreign aid, potentially swaying conservative opinion in favor of supporting aid to Ukraine
European leaders have reaffirmed their unwavering commitment to Ukraine, pledging urgent assistance to bolster the nation's defense capabilities
The delay in US military aid to Ukraine paints a grim picture of the war's future, as Western analysts and publications alike foresee a troubling trajectory for the embattled nation
The Ukrainian Armed Forces have dealt a severe blow to Russian military installations in the temporarily occupied Crimea peninsula
The Netherlands has delivered three more F-16 fighter jets to a training base in Romania
China emphasized today the necessity for extensive groundwork before the Ukraine peace conference, slated to be held in Switzerland
Bulgarian authorities found themselves grappling with a peculiar case involving a 60-year-old Ukrainian woman
In a pioneering initiative to address road safety, a new campaign will see road offenders receiving letters from relatives of those who lost their lives in accidents
Bulgaria is grappling with a sharp increase in counterfeit currency, with the Bulgarian National Bank (BNB) reporting a concerning surge in fake banknotes, particularly those of 100 BGN denominations
In a chilling turn of events, the lifeless body of a man was discovered in Sofia's "Zapaden Park" yesterday, as reported by NovaTV
In a tragic turn of events, a 57-year-old man fatally assaulted a 42-year-old woman in her Cherven Bryag home before taking his own life in another residence
In Stara Zagora, Bulgarian authorities apprehended a 35-year-old man who attempted to bribe traffic police with a BGN 20 banknote
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
