Three Danish citizens and two Turkish citizens are implicated in an international fraud and money laundering scheme that cost the EU and its member states an estimated 188 million euros (1.4 billion Danish kroner). The suspects are accused of establishing and participating in a criminal organization involved in the sale of electronic goods.

The European Public Prosecutor’s Office (EPPO) announced the details of “Operation Goliath” on Friday, outlining the alleged crimes committed between 2019 and 2023.

The criminal organization is believed to have committed over 100 cases of aggravated tax fraud.

One of the Danish suspects, described as a key figure in the operation, was apprehended in Kenya in May of the previous year in connection with a separate case. He is currently serving a prison sentence of five years and nine months. A Turkish citizen, also considered a key suspect, is already incarcerated as well.

The investigation revealed links to an Irish pub located in Denmark. Another Danish suspect allegedly utilized his pub for fictitious deliveries. He is currently imprisoned in Denmark on charges related to a different case.

Authorities suspect the criminal network employed straw directors from Poland and Lithuania, along with fabricated identities, to establish bank accounts.

The EPPO believes the hawala system was used to launder the illicit funds. The hawala system enables the transfer of money internationally without physical movement, relying on a network of agents who maintain internal accounts with each other.