European investigators have uncovered what may be one of the largest VAT fraud schemes in Europe. In Portugal alone, nearly €80 million vanished through fake invoices and the exploitation of Amazon. Authorities believe the network may be just the tip of the iceberg for similar fraud operations.

For over 14 years, the Dutch economy quietly relied on underpaying temporary workers from abroad – in direct breach of EU law. Now, the entire issue could be heading to court. FTM journalist @lise-witteman.bsky.social unpacks her investigation in our latest podcast 👇

Anti-corruption promises mean little without the people and resources to enforce them. This week in Crime & Corruption: Belgium boosts financial crime probes, a Portuguese VAT fraud case exposes a wider network exploiting Amazon’s Luxembourg HQ, and the EU advances new anti-corruption rules.

Dieselgate was meant to be a wake-up call for Europe after Volkswagen admitted using illegal software to cheat pollution tests. But documents obtained by FTM reveal Nissan continued producing diesel cars with similar emissions-control systems years later – and never received a fine.

This week in Bureau Brussels: 🔫 A controversial arms executive returns to the spotlight 📱 The Ombudsman slams the Commission for shielding X 🌱 The Greens and chemical industry align on Europe’s industrial future

This week: a Dutch supermarket giant routing millions through Switzerland, billions being bet on rising food prices during the Iran war, and a podcast on Senegalese leaders caught up in an EU-funded migration crackdown. Partners also traced a missing €36m gold fortune linked to Germany’s far right.

How can a supermarket chain make hundreds of millions of euros in profit with zero stores? That’s exactly what grocery giant Ahold Delhaize did in Switzerland. The Dutch company pays far less tax there than it would at home in the Netherlands.

For years, Senegalese community leaders Cheikh Sy and Njouda Ndiaye warned people about the deadly risks of migration to Europe. Then they themselves were arrested for migrant smuggling. Reporter Andrei Popoviciu uncovered that their case is part of a wider EU-funded crackdown on migration.

While the global risk of hunger rises, investors are betting on higher food prices. Since the war involving Iran began, $8.6bn has been placed on rising wheat, corn, and soy prices on the Chicago commodities exchange, putting food security for around 45 million people under even greater pressure.

No proper office for one of the world’s top AI firms? 𝗧𝗵𝗶𝘀 𝘄𝗲𝗲𝗸 𝗶𝗻 𝗕𝘂𝗿𝗲𝗮𝘂 𝗕𝗿𝘂𝘀𝘀𝗲𝗹𝘀: 🏢 Musk’s AI firm and its new mysterious ‘office’ in Estonia 💰 A new front in the EU’s crackdown on VAT fraud 🍷 EU wine policy uncorks backlash from health groups

Want to get in touch with xAI, the company behind Elon Musk’s chatbot Grok? If so, you’ve recently been directed to a rather obscure address in Estonia. Follow the Money visited the office in Tallinn and found ... very little.

Karin Spaink, who shaped FTM’s international edition, had a gift for turning even the driest investigations into compelling reads. Shortly before her death, she reflected on writing and journalism: “If you want to explain something complicated, you have to do so in a very clear and accessible way.”

This week: we investigated InnoEnergy’s multi-million-euro bonuses, EU election funding in Africa, and the growing human cost of remote warfare. Meanwhile, partner investigations exposed Europol’s hidden data system and a Russian university training future military intelligence cyber operatives.

They claimed millions in tax refunds for dividends that had never been paid out. Now, two American tax specialists have been convicted of defrauding the Belgian state. According to the judges, they forged documents to claim back dividend tax on Belgian shares, even though they had never owned them.

Drones and AI have made warfare more remote, with fewer boots on the battleground. But less human input means anything but less human impact. Tech-assisted targeting can increase the risk of deadly mistakes. “We need to confront what war actually is: death and destruction”, Lauren Gould told FTM.

A decade ago, Volkswagen was caught cheating emissions tests, putting far more toxic cars on the road than anyone knew. Journalist @peterteffer.bsky.social got a rare glimpse into corporate emails and uncovered how Dieselgate wasn’t the only time that carmakers tried to outsmart regulators.

Is Dubai fighting crime or a PR battle? In this week’s Crime & Corruption newsletter, we look at the recent arrest of a cartel boss and what it means for Dubai’s international image, Greece’s decision to drop a spyware probe, and fresh calls for rule-of-law sanctions following our investigation.

Backing democracy or backing power? The EU has spent over €100 million supporting elections across Africa. But fresh evidence suggests that this funding may be strengthening and legitimising autocrats rather than improving electoral integrity.

ING Belgium has agreed to pay a €1.6 million settlement over alleged failures to report suspicious transactions linked to former European Commissioner Didier Reynders, who is implicated in a money laundering case.

Record losses or not: InnoEnergy kept rewarding its leadership with bonuses. Its CEO and CFO have received almost €4 million on top of their salaries, raising “moral reservations” with experts. The EU-backed clean tech fund has come under scrutiny before for making “fishy” climate claims.

This week in Bureau Brussels: - A chaotic vote pushes the EU ethics body forward, but expectations remain low - The Commission considers reviving a financial product linked to the 2007 mortgage crisis - A landmark ruling holds a French cement giant liable for financing armed groups in Syria

Who was held to account this week? We exposed €500k in consultant payments at a top EU party, Big Tech lobbying that hid environmental data, a dubious EU-backed climate claim, and partners revealed dangerous French police tactics in Mayotte and new details on a wanted Polish politician in Hungary.

Heineken claims to have withdrawn from Russia. But is that really the case? Not quite. It turns out the brewer still holds a stake in two Russian companies via a Mongolian beverage group, and says it wasn’t even aware of this.

UPDATE: MEPs say “the rules do not apply to” the European People's Party after our investigation revealed that €500k was paid to two consultants in just six months, despite its previous calls for cuts. Yesterday, the European Parliament approved an ethics body the EPP has long opposed.

Europe’s lucrative flower market is rooted in a colonial past, built on genetic material taken from the Global South and commercialised by Western companies. While the multi-billion-euro industry thrives, little flows back to where the plants originated.

How transparent is the EU in practice? Our latest Secrecy Tracker newsletter looks at how data centre rules keep key environmental data out of reach, a €1.2m court redesign under fire, and a surge in AI-driven complaints, ending with a closed-door transparency event.

More than half a million euros flowed in six months from Europe’s largest pan-European party to two Greek consultants, hired to sharpen communications ahead of the European elections. But high fees and insiders’ doubts about the work’s added value raise serious questions.

Our recent investigation traced how Kremlin-linked money moved through shell companies to fund political influence, including payments to a Trump campaign operative hired by a right-wing party in Albania. 🔗 Full story (read it for free on our app): www.ftm.eu/articles/alb...

What if one investment company could cut 70% of EU emissions in a year? Clean tech investor InnoEnergy has received hundreds of millions in EU funding to decarbonise the bloc, but our investigation found flaws in its method which experts call “fishy”.

This week in Bureau Brussels: - Experts examine whether the EU’s whistleblower directive is working as intended - Estonia awards a major defence deal to a controversial Turkish firm - A Dutch professor faces scrutiny over undisclosed ties to Big Alcohol

Moscow spends hundreds of millions of dollars trying to influence global politics – that’s what US intelligence agencies have been claiming for years. Newly leaked documents add an extra layer to that picture, and point to very close ties between the Kremlin and the Trump campaign.

When anti-corruption agencies are starved of their resources, criminals flourish. In this week’s Crime & Corruption newsletter, we examine a key tactic that allows graft to flourish: the strategic weakening of the very agencies designed to stop it.

Hungary is still taking in opposition leader Péter Magyar’s landslide election win, making him prime minister and ending Viktor Orbán’s 16 years in power. But an expert at Princeton University and longtime Orbán watcher warns his influence may not be over just yet.

🇪🇺 This week in Bureau Brussels: - Draghi's data claims don't add up - Orbán’s think tank in Brussels gets a €66m lifeline - EU toughens its stance in the disinformation war (Read the newsletter on our app free for 5 days)

𝗘𝘂𝗿𝗼𝗽𝗲’𝘀 𝗳𝗹𝗼𝘄𝗲𝗿 𝗲𝗺𝗽𝗶𝗿𝗲 𝗲𝘅𝗽𝗼𝘀𝗲𝗱 🌍💐 Lily explains how Global South genetic resources fuel a billion-euro industry, while returns barely flow back. A broken UN system, lobbying, and loopholes keep the imbalance in place. 🔗🌷 Read the article for free in our app: www.ftm.eu/articles/eur...

A busy week for investigative journalism. From Europe’s colonial flower trade to fishing controversies in the English Channel, we’ve been digging into hidden power. Meanwhile, partners exposed a global cancer drug monopoly pricing out patients.

🏆 Follow the Money was nominated in two categories for the European Press Prize 2026. One for our investigation into soldiers on the serious security risks of soldiers using Tinder, and another for a global collaborative project exposing a booming investment scam industry across Europe.

Europe’s billion-euro flower industry relies on genetic resources from the Global South, yet those countries see little return. A flawed UN system and years of lobbying let Western companies exploit loopholes and keep the imbalance in place.

🏆 Follow the Money has received two nominations for the European Press Prize 2026! The first nomination, for the Innovation Award, recognises our Tinder investigation, which revealed how military personnel expose sensitive data and locations, creating serious security risks.

A controversial fishing method that can sweep up entire schools of fish is fuelling tensions across European waters. Dutch fly-shooting vessels are ramping up activity in the English Channel despite agreements meant to limit it, while the industry resists research into its impacts.

This week in Bureau Brussels: we ask why an EU-backed organisation folded over vague “irregularities”, examine a Greek constitutional clause that may let criminals cover their tracks, and explore concerns about automated border management in the EU’s new system.

All eyes are on Hungary as the country heads to the polls today. What happens if Viktor Orbán loses power after 16 years? Direkt36’s Patrik Galavits unpacks loyalty under the regime and what could come next. 🎧 Full podcast 'Who’s the man aiming to oust Orbán?': www.ftm.eu/articles/pod...

One minute he’s called a spy, the next a CIA agent. “Total nonsense”, says Hungarian investigative journalist Szabolcs Panyi. Still, Orbán’s government has threatened and wiretapped him. Follow the Money spoke to him about rising tensions in Hungary, in light of today's elections.

What’s been uncovered this week? Heineken’s hidden investment in Iran, TikTok meddling fears ahead of Hungary’s elections, covert tactics used to block Ukraine’s EU accession and more.

Hardly anyone knew about it, not even the shareholders. Yet Heineken quietly conducted business in Iran for years. The brewer introduced its “Islamic beer” in the very year that the United States tightened sanctions against Iran.

Justice is taking its time. In this week’s Crime & Corruption newsletter, we look at why corruption cases in the EU drag on for years, the persistence of offshore wealth a decade after the Panama Papers and more. Read the latest edition (free on our app for 5 days) 📱👇

After reports about Russian meddling during the Romanian presidential elections, the EU Commission launched an investigation into TikTok. But more than a year later, and just days from a crucial vote in Hungary, the EU's probe is still open. What's taking so long? www.ftm.eu/articles/bru...

Ahead of Hungary’s elections, interference concerns echo Romania’s 2024 fiasco, where suspected Russian TikTok meddling canceled a vote. The Commission promised action, but critics say little has changed. Has the EU done enough to stop Big Tech from shaping Hungary’s future?

AI is booming. Markets are shifting. And a $2.5 trillion shadow system now sits in the middle. What if the next financial crisis doesn’t start with banks, but with private credit, tech companies, and an AI hype cycle we don’t fully understand yet? Experts say the warning signs are already here.

Beyond the frontlines, Ukraine faces another battlefield: the courtroom. The same system that lets corporations sue governments over climate policies is now used by Russian oligarchs to file billion-euro claims through international arbitration. 🎧 Listen on our website or app (free for 5 days).