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European firm sells used phones as new
European authorities have uncovered an international scam network that sold over a million used phones as new online, exploiting the profit margin tax system to generate illicit profits. Security operations led to the arrest of seven suspects across several countries, and searches of hundreds of locations, including a warehouse in Krefeld where between 10,000 and 15,000 phones were found. The financial losses caused by the fraud have exceeded 300 million euros, including more than 30 million euros in tax losses, through the exploitation of the reduced tax system designated for used phones. Investigations are still ongoing to uncover the full extent of the network and those involved.
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