Georgian Prosecutor General’s Office solves transnational fraud by group

The Georgian Prosecutor General’s Office on Thursday said it had solved a transnational crime and launched criminal prosecution against seven individuals for fraudulent appropriation of $217,000 (₾596,612) from three large international companies. 

The body said the offenders had established three fictitious companies in Georgia using English brand names similar to those of real companies based in Thailand, Singapore and the United States. 

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After providing false information to international companies registered in the US and Singapore, the group received money to the bank accounts of their fictitious companies in Georgia, which was later appropriated by the organised group.

The Office also noted its investigation was ongoing to expose other potential members of the group. 

The crime is punishable by seven to 10 years in prison.