Lithuanian officials became suspicious of two companies registered by Italian citizens in Lithuania as the companies were withdrawing large sums of money in the country. The companies claimed to have been engaged in metal trade but in fact were not operational.
Two Italian citizens were subsequently detained and assets worth over EUR 400,000 (1.4 million litas) were frozen.
The actions of the fraudsters are thought to have caused damage to the Lithuanian budget of 300,000 litas.
The investigation has been handed over to Italian law enforcement institutions.
Lithuanian officials say the fraud case involved the so-called carousel fraud which involved transactions in various European countries, worth EUR 150 million.
Minister of the Interior Dailis Alfonsas Barakauskas says it emerged during the investigation that the organized criminal group, led by an Italian citizen, also operated via companies registered in Italy, Bulgaria, the Netherlands, Slovenia, and the UK.
"There are suspicions that it has to do with one of the well-known international mafia groups, but I would also not want to name it," Barakauskas told journalists on Tuesday.
A large amount of documents were also seized in a vilnius apartment where the two Italians resided.
Kęstutis Jucevičius, head of the Financial Crime Investigation Service, said the documents were prepared for destruction but officials were able to save them.
"Documents and cash were found during the search. (...) The documents were put into a plastic box, poured over with water and pressed with stones in the way pickles are made," he told the pres conference.
