Tax evasion via 'Horiátiko': 59 arrested, €6 million seized and network of 520 shell companies
The prosecutor has brought criminal charges for nine felonies against 59 arrestees for tax evasion and money laundering through the 'Horiátiko' bakery chain.
Tax evasion ring behind 'Horiátiko' bakeries: straw men, foreign accounts and 'black hole' exceeding €100 million
The Magistrates Court prosecutor has brought criminal charges for nine felonies against 59 arrestees involved in a tax evasion and money laundering ring operating through the 'Horiátiko' bakery chain, according to In.gr. Among the accused is Angelos Giannakópoulos, the owner of the chain, who appeared before the prosecutor and investigator and was given a deadline to present his defence.
The charges include formation, direction and participation in a criminal organisation, fraud against the state exceeding €120,000, tax evasion exceeding €150,000 and money laundering. Prosecutions have also been brought for two misdemeanours, including fraud.
The role of the former trade unionist and the 'straw men'
Among the 59 arrestees stands out Rizos Rizos, a former trade unionist with GENOP-DEI, who is alleged to have played a central role as coordinator and intermediary with the dozens of 'straw men' in the ring. The authorities describe him as a closest associate of the alleged ringleader.
Approximately 40 straw men operated for the account of the ring. These were mainly elderly people with low incomes, many of whom lived abroad — one had even died in the past three years. Despite this, the remaining members continued to open companies and shops in their names.
Intricate network of 520 companies and 'black hole' running into millions
The parties involved had set up a network of 520 shell companies. They collected revenue from 200 shops, issued false invoices and failed to pay VAT or contributions to EFKA. As debts mounted, operations were transferred to a new shell company, leaving behind a 'black hole' exceeding €100 million.
According to ERT, the alleged ringleader appears as the real owner of the Bread Factory, Attika Bakeries and Sfoliata chains, as well as numerous nightlife venues and catering businesses in Paralía, Mykonos, Rhodes and Zakynthos.
It was also established that payments via POS terminals at certain shops ended up in a bank account in Denmark, which is not directly accessible for seizure by the Greek authorities.
Seizure of assets
On the orders of Charalambos Vourliótes, head of the Money Laundering Authority, proceedings are being advanced for the seizure of the assets of the accused. €6 million has already been seized in three bank accounts nominally belonging to 'straw men', but which proved to have the businessman as the real beneficiary. Concurrently, €250,000 to €300,000 in cash was seized from residential searches, and a prosecutor's authorisation has been sought for the opening of safe deposit boxes.
The past of the 57-year-old businessman
The investigation by the Greek Police began in January 2026. The 57-year-old alleged ringleader was located and arrested in Ioánnina whilst attempting to flee — according to reports, via road escape towards Albania, despite an existing ban on leaving the country.
His dark past is not confined to tax matters alone: he is alleged to have organised a pimping and human trafficking ring in 2008. In 2010, following the dismantling of the organisation, he was arrested and convicted to a ten-year prison sentence for serious felonies. He was released under restrictive conditions, including a ban on leaving the country.
Source: In.gr