The Prosecutor’s Office of Georgia has announced the exposure of a transnational crime, initiating criminal proceedings against four foreign nationals and five legal entities on charges of particularly large-scale money laundering.
To launder the funds, the defendants registered companies in Georgia without any intention of conducting genuine business activities. Using forged documents and stating fictitious payment purposes, they transferred illicit and unsubstantiated funds in various currencies in structured installments from abroad into the bank accounts of physical and legal entities, totaling an equivalent of 21.5 million GEL (lari), officials stated at a press conference at the Prosecutor’s Office.
In an effort to legitimize the funds, the individuals transferred a small portion of the money accumulated in Georgian bank accounts abroad to various accounts, again relying on fake payment references and forged documents. However, the bulk of the illegal assets was seized as part of the ongoing investigation.
“Criminal prosecution has been initiated against the defendants for the particularly large-scale laundering of illicit income. This crime carries a penalty of 9 to 12 years of imprisonment for individuals, while legal entities face liquidation, prohibition of activity, or a fine.
The Prosecutor’s Office will apply to the court within the statutory deadline with a motion requesting detention as a pre-trial restrictive measure against the defendants. If the motion is granted, they will be placed on a wanted list.
As part of the investigation, the Prosecutor’s Office will carry out the necessary legal procedures to forfeit the seized assets to the state—foreign currency equivalent to approximately 14 million lari, as well as real estate valued at over 1 million lari,” the Prosecutor’s Office of Georgia stated.
