Bangladesh, Sept. 19 -- A Milan court has convicted six people and ordered the confiscation of more than 300 million ($344.66 million) in assets and illicit proceeds in one of Europe's largest tax-fraud and money laundering investigations, known as "Operation Moby Dick."

The case, investigated by the European Public Prosecutor's Office (EPPO), centers on a vast cross-border VAT fraud network that allegedly used fictitious invoices and a chain of companies to move electronics and fraudulent tax claims across European countries. Investigators estimate that the scheme generated more than 1.3 billion ($1.49 billion) in false invoices between 2020 and 2023 and caused approximately 520 million ($597.35 million) in losses to European Union and ...