(Luxembourg, 06/03/2025) – The European Public Prosecutor’s Office (EPPO) in Vilnius (Lithuania), in close cooperation with Lithuania’s Financial Crime Investigation Service (Finansinių nusikaltimų tyrimo tarnyba – FNTT), has expanded its investigation into misappropriation of funds from the BaltCap Infrastructure Fund. It is alleged that the main suspect may have misappropriated over €42 million, with more than €36 million reportedly lost to gambling in casinos in Lithuania and Estonia.
[As previously reported](https://www.eppo.europa.eu/en/media/news/update-lithuania-eppo-requests-arrest-former-baltcap-partner-suspected-misappropriating), at the beginning of February 2024, the EPPO took over a criminal case initiated by Lithuania’s Regional Prosecutor’s Office in Vilnius, into the misappropriation of funds from the BaltCap Infrastructure Fund – a large investment fund, focused on infrastructure projects in the Baltic countries. The BaltCap Infrastructure Fund is supported by the European Investment Bank (EIB) with €20 million, under its Investment Plan for Europe.
The investigation is now examining allegations of misappropriation, the unlawful pursuit of economic, commercial, financial or professional activities, tax evasion through the provision of false data, fraudulent financial accounting, and money laundering.
According to the available evidence, the former partner of the BaltCap Infrastructure Fund, Mr Šarūnas Stepukonis, who was arrested in February 2024, may have lost up to €5.1 million in a Lithuanian casino and €31.6 million in an Estonian casino. Corresponding freezing orders have been issued against the two casinos. The preventive measures against the suspect remain in effect to date.
New charges have also been brought against a casino based in Estonia and its CEO for illegally operating in Lithuania.
In parallel to the ongoing criminal investigation, the Lithuanian Gambling Supervisory Authority (Lošimų Priežiūros Tarnyba – LTP) looked into the activities of the Lithuanian casino and found five violations of the laws on prevention of money laundering, terrorist financing and gambling. A fine of almost €8.4 million has been imposed to the casino group.
All persons concerned are presumed to be innocent until proven guilty in the competent Lithuanian courts of law.
The European Public Prosecutor’s Office (EPPO) is the independent public prosecution office of the European Union. It is responsible for investigating, prosecuting and bringing to judgment crimes against the financial interests of the EU.