Police conclude investigation into financial crimes involving Icon in Ostrobothnia, Finland

The police in the Ostrobothnia region have concluded an extensive investigation into financial crimes that has been ongoing since the autumn of 2019. The inquiry focused on a fraud scheme related to real estate investments, involving eight suspects. They are charged with serious fraud, egregious debtor dishonesty, and severe accounting offenses.

At the center of the investigation is a company called Icon, whose real estate funds attracted thousands of investors from across Finland and even as far as Estonia. According to lead investigator Teuvo Nissilä, the actions of the suspects have caused approximately €9.5 million in financial damages.

Nearly 300 individuals have been identified as victims in this case. The extensive nature of the preliminary investigation is evident in the 15,500 pages of collected documentation, accumulated over nearly five years. The investigation has involved close cooperation with prosecutors and other entities throughout the process.

Nissilä described this preliminary investigation as the most challenging of his career. He noted that the complex transfer of large financial flows within the company and the vast number of investors required exceptional management and collaboration skills from the investigators.

After nearly five years, the preliminary investigation has now been submitted to the prosecutor for consideration of charges.