The Federal Judicial Police in East Flanders have seized 48 gold bars worth approximately €740,000 during a tax fraud investigation focussing on a 79-year-old man, absent from Belgium records for 40 years and now under arrest.
The man at the centre of the investigation holds roles in various Belgian furniture businesses. Although he is officially registered as a Dubai resident, authorities suspect him of fiscal fraud and money laundering, using fake invoices and his Belgian-based companies in an elaborate tax-evasion scheme, causing losses worth millions of euros for the Belgian state.
There are allegations that the primary suspect has been fraudulently claiming to live in the United Arab Emirates whilst operating his businesses in Belgium and practically residing in the country. A close associate is believed to be involved in similar activities.
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Six raids were conducted on 17 October in Aalst, Ninove (three locations), Tournai and Lessines, leading to the recovery of the gold, jewellery and cash.
The primary suspect was apprehended in Aalst on 19 October and brought before a magistrate in Termonde, from where he was released on strict conditions.
