Greek Investigators Freeze Accounts of Former Jumbo Toy Store Executive

November 27, 2018

ATHENS – Bank accounts of former Jumbo toy store franchise executive Evangelos Papaevangelou were frozen by Greece’s anti-money laundering authority as it probes alleged unlawful payments by Chinese citizens to buy Golden Visas that allow free travel in the European Union.

The Greek owner of the Destiny property investment company is accused of having Chinese property buyers pay for purchases using Greek bank card terminals in China to avoid capital controls in that country although he claimed what he did was legal and that banks were responsible for the illegal transactions, deflecting blame.

Founded in 2015, Destiny has already sold 152 properties for 40 million euros ($45.33 million at an average value of 263,500 euros ($298,639), just above the requirement to purchase property of at least 250,000 euros ($283,339) to get the visa and a residency permit available to those who can afford one but not even Greeks of the Diaspora with family ties to the homeland.

The company also got down payments of 20 million euros ($22.67 million) for apartments under construction, said Kathimerini, while many apartments being purchased by Golden Visa buyers are being turned into short-term rentals through sites such as Airbnb, snapped up cheap during a long-running economic crisis but driving up rental prices for people even in poorer areas.

The move comes after a Supreme Court prosecutor ordered the Financial Prosecutor’s Office to open an investigation into alleged irregular Greek real estate transactions by Papaevangelou, who resigned from Jumbo after a news report claimed he had set up a real estate company which allegedly sold property to Chinese nationals through the use of Point-of-Service (POS) terminals in China, which has restrictions like Greece on taking money out of the country.

Jumbo denied it had any knowledge of Papaevangelou’s alleged irregular activities.


ATHENS - Greece confirmed 20,084 new coronavirus infections in the last 24 hours, the National Public Health Organization (EODY) said on Tuesday, bringing all confirmed infections since the pandemic began to 3,644,889 (daily change: +0.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.


Mission…to Alonnisos, a TNH Documentary

O oceanic you sing and sail White on your body and yellow on your chimeneas For you're tired of the filthy waters of the harbors You who loved the distant Sporades You who lifted the tallest flags You who sail clear through the most dangerous caves Hail to you who let yourself be charmed by the sirens Hail to you for never having been afraid of the Symplegades (Andreas Empeirikos)   What traveler has not been fascinated by the Greek islands, drawn by the Sirens’ song of a traveler’s dreams? TNH and our video show ‘Mission’ marked the change of the season by transporting viewers into the heart of summer.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.