Hungarian authorities have closed a criminal investigation into Ukrainian cash-in-transit employees of Oschadbank after finding no evidence of a crime [1].
The decision resolves a diplomatic and legal tension involving the transport of state-linked assets across European borders during a period of heightened financial scrutiny.
The employees were detained in March 2024 [4] by the Hungarian National Tax and Customs Service, known as NAV [2]. The investigation focused on whether the transport of significant assets constituted money laundering or other financial crimes [1].
Investigators determined that the assets, which included tens of millions of dollars and euros [5] and nine kilograms of gold [5], were transferred officially from Raiffeisen Bank in Austria to Ukraine [5]. Because the transfer followed official protocols, officials said there was no element of a crime [3].
The investigation lasted almost five months [6] before the case was officially terminated. The closure follows a review of the documentation provided by the financial institutions involved to verify the legal origin and destination of the funds [3].
While most reports focus on the lack of evidence for money laundering [1], some accounts suggest the case may have been influenced by political factors. These reports describe the incident as a fabricated scandal, though official statements from Hungarian authorities said the closure was based on the absence of a criminal element [3].
“Hungarian authorities closed the criminal case against the Oschadbank cash-carriers, stating there was no crime element.”
The closure of this case underscores the complexities of transporting large-scale sovereign or institutional assets through EU member states. While the lack of criminal charges clears the Oschadbank employees, the initial detention highlights the strict oversight of the Hungarian National Tax and Customs Service regarding cross-border capital flows, especially those involving non-EU states like Ukraine.
