Georgia`s Prosecutor`s Office [PO], in conjunction with the State Security Service of Georgia, has uncovered an unprecedented money laundering operation involving USD 624 million and EUR 35 million in illegal proceeds between 2022 and 2024 – 1 person detained on charges of money laundering.

"The investigation established that the accused, using a National Bank-licensed currency exchange point under his ownership as cover, deliberately ignored requirements of Georgia`s law "On Prevention of Money Laundering and Terrorist Financing" and organized an illegal network for collecting, converting through currency exchange, and placing funds of dubious origin into legal circulation.

Members of the criminal group, in prior agreement with the detainee, systematically ensured the importation of particularly large amounts of foreign currency of dubious origin from neighbouring countries, bypassing customs procedures using specially constructed hiding places in vehicles, and delivery to the collection point, the currency exchange office.

The accused brought particularly large amounts of foreign currency of dubious origin collected through the aforementioned means into banking institutions at various periods, ostensibly as legitimate income received within the framework of currency operations, providing commercial banks with false data regarding origin as proof.

Funds obtained from banks through conversion were channeled into legitimate economic activity via transfers to other individuals and subsequent disposal, as well as through the acquisition of immovable and movable property.

Through these actions, the accused and other members of the criminal group laundered approximately USD 624 million and EUR 35 million in illegal proceeds between 2022 and 2024. Within the framework of investigative actions conducted on the case, large amounts of cash have been confiscated. To ensure confiscation of criminally-derived funds and other assets in favor of the state, the PO will implement appropriate legal procedures.

The PO will petition the court within the legally prescribed timeframe for remand in custody as a preventive measure against the accused. The charges carry a penalty of up to 12 years` imprisonment", - reads the statement.