White-collar crime in Greece: DAOE vs AADE and multinational fraud
DAOE takes centre stage in Pizza Fan and "Horiatiko" cases, while AADE found findings in 25 of 95 internal employee checks in 2025.
Which authority has the first say in economic crime — and who checks the checkers
The question of which authority holds primacy in investigating white-collar crime has arisen sharply just one year after the absorption of SDOE by AADE, according to Newsit.gr. The Pizza Fan and "Horiatiko" cases have prompted this debate, highlighting the role of the Economic Crime Enforcement Directorate (DAOE) — Greece's FBI — in large-scale tax evasion investigations.
DAOE has been operating since October 2024, but its Tax Matters Division had not previously had particularly visible prominence. In the two major cases, however, it appears to have assumed a leading role. In the Pizza Fan case, DAOE undertook the criminal investigation following a prosecutor's order, after a citizen's complaint. In "Horiatiko" it connected companies and shell managers to actual owners, utilising testimony and surveillance.
Both authorities — AADE and DAOE — investigate tax crimes, corporate transactions and banking movements. Specialist investigative staff of AADE carry out prosecutor's orders, while the authority maintains jurisdiction over determining and assessing taxes in the two cases in question.
The checkers under scrutiny
The discussion on tax evasion also has another side to it. In 2025, AADE conducted 95 inspections into criminal offences and disciplinary misconduct by employees. In 25 of these, findings emerged — a proportion exceeding one quarter — and the relevant files were forwarded to the competent services. In parallel, in 69 asset status checks of supervisors and employees, two cases of unjustified asset acquisition were detected. The files were referred to the Court of Audit, to the Human Resources Management Directorate for disciplinary prosecution and to the competent prosecutors for criminal assessment.
Real estate market: sellers hold the upper hand
In the real estate market, 60 to 70 per cent of households consider the current period "not at all favourable" for purchasing a home, according to the quarterly survey conducted by Piraeus Bank on a random sample of customers. Nearly all respondents expect higher prices over the next 12 months. The property price expectations index reached 74.1 points, a new historic high — despite the fact that the Bank of Greece foresees a slowdown in price increases.
The Housing Climate Index stood at 43.6 points in the third quarter, the lowest level since measurement began in 2023. The confidence threshold is set at 50 points. Piraeus Bank economists characterise the revival of the expectations index as "unexpected", whilst rising interest rates — with a direct impact on mortgages — are cited as a decisive factor. The bank notes that a single quarter is insufficient for conclusions, but adds that if the trend is confirmed, then inflation and tight money are beginning to touch the housing sector as well.
The GSI cable and waiting in Heraklion
Greece, Cyprus and France decided to maintain greater secrecy in their moves relating to the GSI cable, according to statements by Cypriot President Nicos Christodoulides. Meanwhile, the French ship remains anchored in Heraklion awaiting the NAVTEX, paying as normal despite not carrying out the surveys for which it was chartered. If the situation is prolonged, the additional cost runs to several million euros, which — according to the same source — may ultimately burden Greek consumers.
Analysts question whether the Greek government is awaiting developments from across the Atlantic before issuing the NAVTEX, with the US midterm elections cited as a likely trigger for restarting the process.
Lufthansa: lower forecasts for 2026
Lufthansa revised down its forecast for 2026 operating profit, as the estimated expenditure on jet fuel increased to €9.3 billion from €10.4 billion previously. Operating profit is now expected at €1.7 to €2 billion, compared with the earlier estimate of €1.7 to €2.2 billion. However, thanks to a cost-cutting plan and increased demand, third-quarter results exceeded expectations, with operating profit of €1.4 billion against an estimated €1.37 billion — with the share strengthening by more than 3 per cent. For the first half of 2027, Lufthansa has locked in the price of aircraft fuel for 75 per cent of its total needs.
In Greece, Aegean, which has hedged 60 per cent of its fuel needs, is expected to be burdened this year with €90 to €110 million and has already proceeded with single-digit increases in its fares.
Italy: exit tax for the wealthy
Italy is changing its policy towards wealthy foreign tax residents. The Meloni government's draft 2027 budget provides for a 26 per cent "exit tax" on profits of the wealthy leaving the country. This applies to those with assets exceeding €800,000 who were tax residents in Italy for six of the past ten years and decide to relocate. Analysts estimate that many wealthy foreigners who settled in Milan will reconsider their plans, as the "exit tax" functions as a deterrent to attracting tax migrants. The favourable tax regime that Italy had introduced in 2017 — with a fixed tax of €100,000 on all worldwide income — was revised under Meloni, with the amount rising to €300,000.
Source: Newsit.gr