Bulgaria's Anti-Corruption Operation Targets High-Profile Businessman and Seizes Luxury Assets (PHOTOS)

Yesterday, authorities from the Anti-Corruption Commission, along with prosecutors and police, conducted operations at properties and offices linked to businessman Rumen Gaitanski, known as "The Wolf," and former Bulgarian Development Bank (BDB) director Stoyan Mavrodiev. This operation is part of an ongoing investigation into a nearly 150-million leva loan granted to Gaitanski's company by the BDB during Mavrodiev's tenure. The prosecutor's office is expected to provide more details soon.

The loan, issued in 2019, was secured by a company that was dissolved just eight days after receiving the funds. The loan has not been repaid, and the money has moved through several companies, many directly connected to Gaitanski. Notably, 30 million leva of the loan were funneled to a bank where the Varna TPP had obligations—a facility with ties to the honorary chairman of the Movement for Rights and Freedoms (DPS) - Ahmed Dogan. However, years have passed since the funds were transferred, and sources suggest it's unlikely Ahmed Dogan is connected to the scheme.

"The Wolf" (left) and Stoyan Mavrodiev (right)

The Anti-Corruption Commission has been investigating the case for about a month, following a referral from the prosecutor's office in 2021. The former executive director of the BDB, Tsanko Arabadjiev, reported concerns about the loan soon after he joined the bank, noting that the collateral appeared insufficient relative to the loan amount. Although Arabadjiev was questioned as a witness, he said that the prosecutor's office terminated the investigation twice before it was eventually sent back for further investigation by the chief prosecutor.

Questions remain about why the authorities are acting now and why the Anti-Corruption...