Economic data
On Paper, He Earned Less Than $1,200 a Year. Police Say He Ran a $116 Million Fraud
In 2020, Angelos Giannakopoulos told Greek tax authorities he had earned 998 euros, or about $1,160, from salaried work for the entire year. Two years later, he collected unemployment benefits from the state. Greek prosecutors now accuse him of masterminding one of the largest tax and social security frauds in the country's recent history, one they estimate cost the state more than 100 million euros, or about $116 million. Mr. Giannakopoulos owns Horiatiko, a chain of bakeries familiar to anyone who has bought bread on a Greek street corner. His weekend arrest, near the Albanian border as