What is hidden in the case of Euroins: The Prosecutor's Office conducts searches 3 years after the media published documents about how hundreds of millions of euros from Romanians' RCA money ended up in Bulgaria, following the Caribbean model
Home searches, illustrative photo. Inquam Photos / Mălina Norocea
After seeing that some had sent the money to the Caribbean and escaped, they did the same scheme, with even less effort: they took it to Sofia.
A document sent from a British glass building, at 12 Endeavor Square, London, to Romania, which a group of Romanian journalists got their hands on in January 2023, showed that the UK Financial Conduct Authority had found a possible theft of money from the insurance sector in Romania.
Discovery of money filed in the Caribbean
The case concerned the City Insurance company. City bosses, the British claimed, transferred the money outside of Romania, where they appropriated large sums, ultimately not paying Romanian insureds. The British had found funds embezzled through Caribbean banks.
Meanwhile, City Insurance had gone bankrupt. The leader of the RCA insurance market had become Euroins.
A similar scheme applied to Euroins
When the journalistic documentation of the case began, I discovered that a similar scheme also applies to Euroins. Documents from within Euroins showed how in the company with capital from Bulgaria, which had 31% of the RCA market in Romania and two million insured, a system was operating through which employees did not report claims files to the ASF.
The number of lawsuits brought by non-compensated policyholders to Euroins was 100,000, gathered in 4 years, an unprecedented figure in the history of insurance in Romania.
They were no longer moving the money to the Caribbean, but to Sofia
The journalistic investigation in Libertatea started at the beginning of 2023, lasted more than a year and had more than 60 episodes. Including the ASF, under whose eyes 4 bankruptcies of RCA leaders took place (Astra, Carpatica, City and Euroins), filed criminal complaints in the spring of 2023 against the management of Euroins.
City bosses had escaped. It was an encouragement to Euroins bosses. There was no need to take the money to the Caribbean, they moved it to Bulgaria.
Documents that I published in March 2023, from within Eurohold Bulgaria, showed that they transferred 1.58 billion lei to Sofia exactly then, after the case had come to light and under the eyes of the ASF and the judiciary in Romania. It is the money of Romanian companies and individuals.
Force searches, three years later
After almost three years since the case broke out in the media, the Public Prosecutor's Office announced today that it had searched the headquarters of Euroins, which is now bankrupt, and the persons concerned. It's November 2025.
What can still be found in the searches after 1,000 days since the money left, that is the responsibility of the magistrates and the police. What people and networks are behind these successive insurance bankruptcies, for which the taxpayer will pay more than 1 billion euros, can be an interesting SRI report. But that's their business.
We, as citizens, are worried about something else: lest the “Bolojan dragon” be touched by any of the hundreds of employees of the ASF, Prosecutors' Office, Police and secret services who witnessed this historic, repeated and announced hold-up.
When everything is prescribed, in order for the theatrical effect to be maximum, the same people must find themselves screwed to exactly the same positions, but with increased salaries, when they will calmly shrug their shoulders: “We did what we could”.
