Another major tax evasion case has been uncovered by inspectors from the Special Audit and Investigation Unit (DEOS) of Greece’s Independent Authority for Public Revenue (AADE). This time, authorities targeted a construction company and a real estate agency operating in the Cyclades—both for the year 2024 alone.
€3.1 Million in Undeclared Income
Through intensive audits and advanced digital tools, DEOS inspectors identified €3.1 million in undeclared income. Their investigation involved targeted cross-checks and detailed financial analysis, revealing significant discrepancies in the companies’ tax returns—clearly intended to conceal actual revenues.
How the Scheme Worked
Using algorithmic analysis, inspectors first flagged properties listed on the real estate agency’s website as ‘sold’. When inspectors visited the office and requested sales mandates, they found that many commissions had never been declared.
The agency initially filed a tax return reporting €1 million in gross income—and a loss of €257,000. After the audit, it submitted an amended return: gross income doubled to €1.9 million, and it reported profits of €229,000.
A Suspicious Construction Partner
Inspectors also discovered that many of these transactions involved the same construction company as the seller. When they reviewed its tax filing, they were stunned: the firm had declared just €3 in gross revenue—and a loss of €47,000.
Following the audit, the construction company filed an amended return, reporting €2.2 million in revenue and €615,000 in profits.
Detailed forensic examination of both companies’ accounting records remains ongoing.