Georgia’s Investigation Service of the Ministry of Finance, working in coordination with the Office of the Prosecutor General, has detained five Russian nationals accused of illicit entrepreneurial activity and money launderinginvolving virtual assets worth hundreds of millions of GEL.
As investigators stated, one of the companies linked to the suspects operated without registration or authorisation from the National Bank of Georgia, conducting large-scale virtual asset transactions through an unlicensed office and courier network. The operation allegedly handled unregulated international transfers and virtual currency exchanges within Georgia over the past several months.
Authorities claim the Russian citizens smuggled substantial sums of foreign currency into the country by car, bypassing customs and border controls. The funds were then allegedly used to purchase virtual assets which were subsequently laundered and legitimised, despite no tax payments being made by the individuals or their associated companies.
During the operation, law enforcement officers carried out searches across multiple locations in Tbilisi, seizing USD 371,000 in cash, business documents and computer equipment from the company’s office. An additional USD 100,000 was confiscated from one individual directly involved in crypto transactions, while USD 250,000 was discovered in vehicles with Russian licence plates, with the total amount of seized funds to USD 721,000.
The investigation is ongoing under Articles 192 and 194 of Georgia’s Criminal Code which cover illegal business activity and money laundering, and carry potential prison sentences of nine to twelve years.
