The latest raid of Bulgaria's police against organized crime groups, code-named "The Untouchables", has targeted high-level corruption and organized crime, the interior minister said.

“The operation aimed to stabilize the financial situation in the country and stem the leaks, which have triggered the corruption practices that we have witnessed over the last twenty years,” Minister Tsvetan Tsvetanov told the morning broadcast of the national BNT TV channel.

The minister declined the disclose names or the losses that these people have incurred to thte state budget, but pointed out that “it is a question of millions of levs”.

“We are going to provide more details in the next couple of days,” Minister Tsvetanov said.

Sixteen people were arrested early on Thursday, who are believed to have been linked to energy tycoon Hristo Kovachki, currently investigated on tax evasion charges.

Bulgaria's new government is taking steps to root out the corruption and organized crime that have plagued on the country for years.

In February heavily armed anti-terror police burst into homes, bars and strip-joints to arrest 14 alleged members of a powerful crime gang in an operation, named "Octopus". They are suspected of extortion, drug trafficking, money laundering and tax fraud.

The raid was followed by another, code-named “The Fakirs”, which targeted car thieves. Along with “The Fakir” operation, the police also carried out a raid against members of the so-called strong-arm groups, who are believed to be involved in contract murders.