European authorities have dismantled a criminal gang suspected of evading 113 million euros ($122.3 million) tax money while using a Chinese underground banking network.

On Oct. 25, the European Public Prosecutor’s Office (EPPO) in Bologna and Milan, Italy, executed a freezing order of 116 million euros ($125.53 million) against 33 suspects. Five Chinese restaurants, eight high-end cars, and one shopping center were seized, as well as a house and an apartment belonging to the suspects. Several bank accounts were frozen.

According to the EPPO, an independent public prosecution office of the European Union, searches were carried out in 20 cities in Italy on the day. The EPPO is responsible for investigating, prosecuting, and bringing to judgment crimes against the EU’s financial interests.

The officers arrested seven suspects, including two alleged ringleaders, placed five suspects under house arrest with electronic bracelets, and mandated two other suspects to report regularly to the police. All of them are suspected of VAT (value-added tax) fraud, criminal association, and money laundering.

“The investigation identified a complex scheme of international tax fraud, carried out through numerous ghost companies (‘missing traders’), which imported hundreds of containers of clothing and accessories from China to Italy, using triangulations with Bulgaria and Greece, to hide the origin of the goods,” reads a statement by the EPPO.

“It is understood that the criminal scheme had a turnover of at least €500 million ($541.07 million), while evading the payment of VAT and custom duties.”

EU Busts Tax Fraud Ring With Underground Chinese Banking Ties

Judicial Recount Dates Set for Two BC Ridings to Wrap up Provincial Election

Mounties Bust Massive BC Drug ‘Superlab’ Linked to Transnational Organized Crime

Brazil Won’t Join China’s Belt and Road Initiative, Says Presidential Adviser