Prosecutor’s Office launches money laundering inquiry against three individuals

The Prosecutor’s Office of Georgia has launched criminal prosecution against three individuals for fraud and money laundering committed against British and French citizens, the state body announced on Thursday.

The Office said its investigation showed the offenders had established a criminal enterprise in Georgia and opened bank accounts in order to fraudulently embezzle money from non-resident individuals.

The inquiry showed one of the offenders had introduced himself using a fictitious name to representatives of enterprises operating in France and Great Britain, convincing them his company owned a large vineyard in Georgia and France and receiving €600,000 from the targets of the scheme as an "investment" to his bank accounts.

With the aim of legalising the illegal income, the conspirators then transferred the money into their own bank accounts abroad, the Prosecutor’s Office said.

The crime is punishable by nine to 12 years in prison.