Our eight-month investigation reveals a massive overbilling system in major infrastructure projects.
Eight months of investigation
Our investigation documented a system of massive overbilling on major infrastructure projects launched between 2019 and 2024. Three former ministers have been placed under formal investigation; estimated losses exceed €400 million.
Shell companies based in Dubai and Geneva allegedly laundered misappropriated funds through fictitious service invoices and inflated subcontracting contracts.
The mechanism
The scheme relies on multiplying contract amendments after awards—a practice difficult to detect without independent audits. Documents we were able to review show gaps of 30–70% between initial estimates and amounts ultimately paid.
Transparency in public procurement is not a democratic luxury—it is a condition of economic sovereignty.
— Investigating magistrate
