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Dimitris Koutsolioutsos and his son George have been in prison for a few hours, after the marathon apologies they gave yesterday to the investigator Konstantina Alexopoulou, accused of a series of criminal charges related to the much-praised scandal. Crazy follies. Supported by the founder of the long-suffering company, also known as… Ρrada of the poor, Dimitris Koutsolioutsos, he left the interrogator’s office shortly after 8 o’clock last night and was taken to the police cage waiting outside the interrogator’s office . George’s son left the investigation office in handcuffs.
Kati Koutsolioutsou, the third family member to apologize to the interrogator yesterday, burst into tears when she heard the decision on the preventive detention of her husband and son. On the contrary, with Dimitris and George Koutsolioutsos for whom an investigator and a prosecutor decided to temporarily detain, for Kaiti Koutsolioutsou the decision of the judicial officials was to be released on the condition of a bail of 100,000 euros, appearing twice at a police station in area. month and prohibition to leave the country.
The apologies of the three family members lasted about nine hours. They all apologized for a series of criminal acts, after two deadlines that they had requested and received to prepare. According to the accusation that had been initiated, the Dimitris and George Koutsolioutsos He apologized to the investigator for the following five crimes: fraud to the investing public, money laundering, market manipulation, criminal organization and counterfeiting. Kati Koutsolioutsou apologized for three crimes, namely fraud, money laundering and manipulation.
It was June 2018 when the Folli Follie case came under the microscope of the prosecutor following an accusation brought by the Hellenic Capital Market Commission against the then management of the company. The report referred to the failure to “provide requested information” by the company, as well as to the “obstruction of control”, in the context of the actions planned for the investigation of complaints of financial irregularities. Extensive judicial investigations followed, the most crucial of which was conducted by the economist. Prosecutor Giannis Dragatsis, who requested the prosecution of the three members of the Koutsolioutsos family as well as other people involved in the case.
The documents of the voluminous file in the hands of the investigator mention, among other things, a methodical and planned fraud of investors who, since at least 2007, relied on the honesty of the published balance sheets of Folli Follie, proceeded to buy his shares and today They have recorded huge financial loss as the share price after the fraud disclosure has suffered a financial depreciation.
Specifically, and as is clear from the data in the file, the company for several years published inaccurate financial statements, inflating both its sales cycle and its profits and cash. Thus, he managed to systematically create a misleading image for investors but also for supervisory authorities of the real possibilities of the company in Greece and abroad.
In April 2019, “THEMA” had published the decision of the Hellenic Capital Market Commission for the Folli – Follie case, which is based on the conclusion of Alvarez & Marsal and is included in the file that has been formed for the case . According to the decision, those involved had even gone as far as falsifying Alpha Bank and sending them to its subsidiary in Asia, to prove that they have hundreds of millions of dollars in the fund. According to the record, “since 2009 Folli – Follie Group Apac has recorded more than $ 355.3 million in virtual cash.”
Virtual processes and transactions
The record indicates that three fictitious transaction recording periods and methods were identified, beginning in 2001, without ruling out the possibility that the fraud started earlier! The second phase refers to the period 2007-2015 and is called “indirect virtual transactions”. However, as of 2015, the situation escaped completely with the project “Mary go round”, as it is called in English, the well-known children’s game “Around Everyone”, which was invoked by those involved in the “Direct virtual transactions “. In the third and final phase, it was found that from 2015 to 2017, fictitious sales transactions were recorded to a potential customer, NG Boon Soon (NBS), as well as fictitious purchase transactions by at least one potential supplier. “The transactions were fictitious with no physical movement of stocks and cash,” the case file typically reads.
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