Overview
- Prosecutors and the Saxon LKA searched eight homes and business sites in Dresden on Wednesday in an ongoing fraud probe.
- Three suspects are under investigation on suspicion of organized, commercial-scale fraud.
- Investigators say the structure spans 19 companies with a 49-year-old running the network, a 61-year-old handling sales, and a 51-year-old managing an internal financing firm.
- The financing arm allegedly took in private investor money, redistributed it across the network, and used it to cover liquidity shortfalls while misleading investors about the investment and the funds’ use.
- The case builds on January raids over undelivered plastic-recycling machines, with asset restraints now reported in the millions.