The criminal group operated both in Latvia and Lithuania, and caused approximately EUR three million in losses to the Latvian budget, and EUR 2.5 million to the Lithuanian budget between January of 2012 and May of 2014, writes Nozare.lv.

12 persons have been detained in connection with the money laundering ring, with six taken into custody as a security measure.

The criminal group controlled over 100 fictitious and actual companies registered in Latvia and abroad.

In connection with the criminal investigation, four persons were detained in Latvia, and another eight in Lithuania. The group was being led by a person with a criminal background.

The State Revenue Service informs that the group worked very professionally and even had a hierarchy set. Each member of the money laundering ring had a certain role to play in the money laundering scheme.

The SRS Financial Police conducted 53 searches in Latvia, while another 22 searches were carried out in Lithuania, where evidence was taken out.

No more information is being revealed at the moment in the interests of the investigation.