Georgia: The Investigation Service of the Ministry of Finance of Georgia arrested three managers of an unregistered virtual asset service provider. The company, under the charge of the accused, without mandatory registration in the National Bank of Georgia, operated in Georgia and different countries of the world through an online platform, application, and service offices.
The Public Defender of Georgia shared the details of the arrest made by them through their social media handles. According to the details provided by them, it should be noted that before the arrest, an in-depth investigation was conducted.
Investigation shows that the company was converting virtual assets and cash and promoting uncontrolled international transactions in the country. Also, the company was performing a virtual asset transaction worth hundreds of millions of GEL.
Despite the large amount of income received by the company, it will not be fixed to pay taxes in the state budget. As a result of investigations, the property and city of these persons have been confiscated. In Tbilisi, a large amount of cash, computer equipment, and documentation have been withdrawn from the offices on Agmashenebeli Avenue.
The crime is provided under the sub-clause “a” of Article 192, Part II of the Criminal Code of Georgia, which provides a punishment of imprisonment from three to five years.
Appropriate measures are being taken to identify other persons involved in this crime, evasion of tax, and possible legalization of illegal income.
Investigative Service of the Ministry of Finance of Georgia continues a strict criminal justice policy against crimes committed in the financial and economic sphere.
