North Bucharest Investments CEO Vlad Musteață detained in tax evasion case
Bucharest Police conducted raids at the North Bucharest Investments real estate company, which is accused of establishing a complex financial circuit to facilitate tax evasion.
The company allegedly failed to declare funds collected from apartment buyers and disguised sums introduced into Romania, including significant Republic of Moldova funds. The company's CEO, Vlad Musteață, who also owns a real estate firm in the Republic of Moldova, was detained, as reported by Economedia.
Police officers conducted 25 searches at residences in Bucharest and Ilfov for offenses of continuous and aggravated tax evasion and money laundering.
According to the Romanian police, between January 2020 and December 2024, several administrators of commercial real estate firms allegedly created and operationalized a multi-company financial circuit. Through this scheme, they are suspected of omitting to log in accounting or other legal documents commercial operations and income from the assignment of pre-sale contracts, as well as reservation fees paid by customers.
They also allegedly disguised the origin of substantial financial flows—a classic indicator of money laundering—introducing them into the domestic economic circuit through repeated transfers, including funds originating from the Republic of Moldova. This constitutes potential real estate fraud.
The total loss to the state budget is estimated at 5,900,000 Romanian lei. In total, approximately 200 people—both suspects and witnesses—will be brought in or appear for hearings.
The name of Michelle Nusco, an Italian businessman and leader of the Nusco group, a long-established player in the Romanian market, was also mentioned in the investigation, Mediafax wrote.
“The appearance of our company's name in the procedures referred to in the article is not factually accurate, considering that we have no involvement in the aspects investigated; we only hold the capacity of witness,” Nusco representatives stated.
Vlad Musteață’s name has previously drawn the attention of authorities in the Republic of Moldova. In a case handled in Chișinău, the businessman and his furniture company were accused of large-scale tax evasion. The court mandated a consistent payment to the state budget, but the businessman avoided a prison sentence as some charges were deemed time-barred.
The businessman has consistently contested the accusations, declaring the case was "fabricated" and claiming to be the victim of political and economic interests. The case remains subject to appeal procedures, Mediafax writes.
North Bucharest Investments was founded in the Republic of Moldova by businessman Vlad Musteață in 2011, and expanded its operations into the Romanian market in the summer of 2022.
Translation by Iurie Tataru
