Former Jumbo VP investigated over Chinese real estate investment scam

According to Chinese authorities, Papaevangelou had allegedly set up a personal company through which he sold to Chinese investors properties worth 40 million euros in total. The sales were transacted through bank cards and point of service (POS) machines. As China had imposed capital controls, Chinese buyers circumvented the controls through POS transactions, qualifying for the Greek investment incentive program that grants ten-year residence permits (visas) for investments of over 250,000 euros.
National Bank and the European Central Bank are also investigating the case separately. National Bank had said on Wednesday said it had noticed "unusual transactions with credit cards and has moved immediately to end them," adding it notified authorities. 
In addition, Jumbo said it had requested Papaevangelou's resignation on Monday and accepted it on Wednesday. The retailer also said in a Thursday statement that Papaevangelou's former duties related to daily operations, and that there was no involvement whatsoever of Jumbo in the transactions.
Giannis Revythis, president of the federation of Greek realtors, said "there is no surprise in the sector and the market about the specific pyramid transactions of a prominent businessman with Chinese nationals." He added that "it was known to all that there are groups of people that collaborate with Chinese agencies to buy - and still do so - apartments at ridiculously low prices, collecting thousands of euros from such transactions, while end-buyers get a residence permit in Greece."