Luxembourg authorities have made a breakthrough in the investigation into the €61 million embezzled from the Caritas accounts last year with the arrest of eight suspects.

Luxembourg authorities have arrested eight individuals in connection with the €61 million embezzlement from Caritas bank accounts last year, marking a major development in the ongoing investigation.

According to the public prosecutor’s office, the arrests were carried out with the assistance of Europol, Interpol, and Eurojust, alongside police forces in the UK, Bulgaria, and France. The operation was led by Luxembourg’s examining magistrate, who had also issued European arrest warrants in connection with the laundering of the stolen funds.

Authorities conducted multiple searches as part of the investigation. However, officials have yet to determine how much of the misappropriated money – transferred to foreign accounts – can be recovered and returned to Luxembourg.

Investigators traced the funds to bank accounts in Spain and Bulgaria before they were later moved to Hong Kong and China. The arrested suspects, currently held in Bulgaria and France, are expected to be extradited to Luxembourg.

Notably, the prosecutor’s statement did not elaborate on the methods used by the fraudsters, and the previously mentioned “CEO fraud” scheme was absent from the latest update.

The probe has extended far beyond the three primary countries involved, with authorities launching legal assistance requests in 13 nations, executing 27 search and seizure orders, and issuing 54 directives to freeze suspect accounts in Luxembourg and abroad.

As the investigation continues, all suspects are presumed innocent until proven guilty in court.