Three suspects charged of subsidy fraud worth CZK 250 million

Police have charged three men of subsidy fraud worth CZK 250 million. The illegal action is supposed to have taken place from 2012 to 2013 and used both state and EU funds. The investigation was launched after a tip off from the South Bohemian Financial Administration.

The accused allegedly used their positions as company executives to inflate the value of an IT system which they purchased through a subsidy granted by the Ministry of Industry and Trade. They then intended to use their contacts within the company selling the IT system to enrich themselves.

Author: Tom McEnchroe