The trial of Philippe Wasila, who was listed among Europe’s most wanted fugitives two years ago, began Tuesday afternoon at the Luxembourg City Court. Wasila, a French national born and raised in Luxembourg, is the primary suspect in a multi-million-euro fraud case.
Prosecutors allege that between 2013 and 2014, Wasila posed as a successful businessman and lawyer to solicit investments. He reportedly convinced victims he managed an investment fund, promising substantial returns for a project to develop an autonomous drone. In total, he is accused of defrauding investors of €5.4 million.
Rather than funding the proposed project, investigators allege Wasila established a network of foreign shell companies to finance a lavish lifestyle. His LinkedIn profile, for instance, featured images of him in a private jet holding a glass of champagne. The profile also claimed he was employed by "Xasteria Finance SA," a name that does not appear in the Luxembourg business registry.
Records indicate, however, that a similarly named entity, "Xasteria Securitization Fund," did exist, and Wasila held a stake in it. He reportedly recruited a member of the Luxembourg Central Bank’s (BCL) administrative board to serve as an administrator for the firm. This company was liquidated in 2014, just two years after its founding, coinciding with the period Wasila is accused of soliciting investors for the drone project.
Wasila was arrested in Greece in December 2024 and has consistently denied the allegations. After being added to the European most-wanted list, he submitted a right of reply to the Luxembourg press, asserting that he was not a fugitive and had missed previous appointments with the examining magistrate for medical reasons. He further contended that the plaintiffs had never actually invested funds in his project.
As is standard in such proceedings, the defendant is presumed innocent until proven guilty by a legally binding court verdict.
