Anti-Fraud & Financial Crime
Regulatory Intelligence Incorporating 'Fraud Squad'

Tag: BSP Financial Group

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Regulatory Watch News

  • Investigation Fox: Two convicted in Germany in large-scale VAT carousel scheme involving electronics

    European Public Prosecutor's Office

    (Luxembourg, 04 November 2026) – The European Public Prosecutor’s Office (EPPO) in Hamburg (Germany) has secured the conviction of two members of a criminal organisation responsible for a VAT carousel fraud scheme in the trade of electronic products across multiple EU Member States. The Hamburg Regional Court sentenced each of them to a total of seven years in prison. The judgment is final. The two convicted are a couple from Hong Kong, who lived and worked in Hamburg. They formed a criminal organisation between 2018 and 2024, with the aim of evading VAT for the benefit of companies under their management located in Bulgaria, France, Germany, Hungary, Poland and the Netherlands. They used straw men in various positions in the invoicing chains with the aim of evading VAT in favour of the respective companies and transferred the proceeds to Hong Kong.

  • Operation Economic Outcast Targets Global Maritime Fraud Network Supporting Iranian Regime

    US Department of the Treasury

    WASHINGTON—Today, as part of Operation Economic Outcast, the U.S. Department of the Treasury targeted the vast criminal network of India-based Suniel Kumar Sharma and his spouse, Jaspreet Preeti Shahid, who have supported Iran’s shadow fleet through a web maritime fraud. Their schemes have provided false flags and certifications to sanctioned vessels involved in transporting Iranian petroleum, including vessels operating on behalf of the Iranian military and its proxies.

  • American Man Extradited from Germany to Face Charges of Defrauding U.S. Consumers in Fake Psychic Mailing-Fraud Scheme

    US Department of Justice

    Mael Chemla, 61, a U.S., French, and Israeli national, previously residing in Aventura, Florida, was extradited to the United States from Germany and made his initial appearance in Miami federal court yesterday to face charges for his role in operating a mailing fraud scheme. According to the indictment, unsealed yesterday, Chemla allegedly conspired with others to send letters to victims throughout the United States that appeared to be personalized communications from psychics. The letters falsely informed victims that the psychic had learned of an imminent financial windfall the victim was entitled to receive, and the victim needed to send a payment in order to receive the financial windfall.

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