ACCORDING to reports coming out of Greece, judges, lawyers, civil engineers, Land Registry staff, Inland Revenue officials and businessmen are allegedly involved in a massive property scam ring.
More than 100 people have been implicated in the ring, which was headed up by a team of five. It is thought that the group’s activity cost Greece millions of Euros in lost earnings from property tax.
During house searches in Athens, Greek police discovered at least 400 contracts for the purchase and sale of properties as well as a list of judges.
It appears that the ring would lay claim to properties that were due to be auctioned by banks to recover debts owed by their buyers. According to sources, members of the ring would either present forged papers showing that they also had a legal right to the property or they would produce documents showing that they were owed more than the banks and therefore had first rights on the land or buildings.
It is not yet clear how many properties they were able to obtain in this manner. Notes recovered from the lawyers’ homes over the weekend suggest that certain judges were either targeted by the gang or were in on the scam.
The ring apparently set up some 200 companies to serve as fronts that were controlled by two offshore companies based in Cyprus. The companies alleged to be implicated in the scam have not been named.