Taneo Group Owner Arrested Over 403.7 Million Dinar Fraud

The owner of Belgrade company Taneo group has been arrested on suspicion of defrauding a buyer from Jordan out of 403.7 million dinars, and police temporarily seized cash, seven watches and four cars from him during a search.

Serbia’s Interior Ministry (MUP) announced on August 15 that suspect G.K. (47) was arrested by officers of the Criminal Police Directorate, specifically its Department for Suppression of Organized Financial Crime, acting on orders from the Prosecutor’s Office for Organized Crime. The arrest is part of an operation targeting corruption related offenses.

The suspect is the owner and the person responsible for the company. He faces three charges: fraud in the conduct of business activity, forgery of an official document and money laundering.

A 4.9 Million Euro Contract and a Two Month Deadline

According to police suspicions, the deal began in April 2024, when a sales contract was signed with the Jordanian company for goods worth 4,900,000 euros, with an agreed two month delivery deadline.

In its statement, the Interior Ministry describes what the investigation found behind that contract:

In April 2024, with the intent of obtaining unlawful financial gain, the suspect misled the representative of the injured company from Jordan by falsely presenting, when concluding a sales contract worth 4,900,000 euros, that he would deliver the goods within the agreed two month deadline, although he knew he would not carry out that delivery.

The suspect then received an advance payment of 403,710,000 dinars into his company’s account. Instead of a delivery, investigators suspect, what followed was paperwork. He certified an invoice with false content using his signature and the company seal and submitted it to his accountant, so the books showed the obligation to the Jordanian buyer as fulfilled. The foreign company was left short by the same amount.

Where Did the Advance Payment End Up?

According to the investigation, the money was spread across multiple parties and did not stay in the account of the company that received it.

Suspect G.K. held the advance payment obtained through the fraudulent act and used it to make payments to the accounts of other legal entities connected to his company, while he used the remaining amount to pay off debts, cover personal needs and fund regular business activities.

That part of the scheme, transferring the advance to related legal entities, is the basis for the money laundering suspicion, one of the three charges against the suspect.

What Was Seized During the Search

A search of the suspect and the premises where he lives turned up the following items, which were temporarily seized:

• 51,790 euros in cash
• three Audemars Piguet watches, three Rolex watches and one Patek Philippe watch
• a Bentley Continental, an Audi A8, a Mercedes S Class and a Mercedes G Class

Footage of the arrest was also released.

The suspect has been held for up to 48 hours. After that, he will be brought before the competent prosecutor’s office along with a criminal complaint, which will decide on further proceedings and a possible motion for pretrial detention. G.K. is presumed innocent until a final verdict.