Games of chance (illustration). - MOREAU / SIPA

The Bulgarian gambling magnate charged with organized crime was arrested on Friday in the United Arab Emirates. Prosecutor General Ivan Geshev announced on Sunday that he had received notification from local authorities of the man's arrest and detention.

Vassil Bojkov, the most powerful boss in the gaming sector, has been the subject of several charges concerning his activities, notably for crimes in organized gangs and racketeering. The Sofia prosecutor's office (Bulgaria) had issued a European arrest warrant against him after he fled abroad. This Sunday, the prosecutor specified that he was going to request his extradition.

Bulgarian Miliardarul, Vasil Bojkov, cu afaceri în Republica Moldova, a fost arestat în Emiratele Arabe Unite https://t.co/vopm3WSu09

- NewsMaker (@NewsMakerMD) February 3, 2020

Gaming now a state monopoly in Bulgaria

"The prosecution will send the necessary documents as soon as possible [to the Emirates]," he said. Vassil Bojkov's offices and his home in Sofia were searched. His companies are accused of taking advantage of a loophole in the law to shield the state from more than 210 million leva (107 million euros) in taxes.

This Wednesday, Bulgaria passed a law to establish a state monopoly on games of chance, now offering the public lottery the exclusive right to hold draws. According to a Gallup Institute survey, 57% of Bulgarians play games of chance, or 3% of GDP (the highest proportion in the EU after Malta). In 2017, the Bulgarian tax authorities received only 70 million euros for a turnover of the sector of 1.5 billion euros.

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