Hungarian Tax and Customs Administration Investigation
Hungary's National Tax and Customs Administration (NAV) has closed its investigation into Oshchadbank's cash couriers, who were moving large amounts of cash and gold from Austria to Ukraine via Hungarian territory. The authorities found no criminal wrongdoing and verified that the assets came from a legal source and belonged to Oshchadbank, having been obtained through an interbank transaction with Raiffeisen Bank International AG. Consequently, the criminal proceedings were dropped. This outcome adds a notable example to the ongoing discussion about cross-border transport of financial assets in Europe.
Investigation Details
The probe was initiated on March 5, 2026, following a criminal complaint filed by Hungary's Constitution Protection Office. Oshchadbank had transported the valuables using its own special vehicles, with seven Ukrainian bank employees on board. When Hungarian law enforcement inspected the two vehicles in the cash convoy, they discovered $40 million in US dollars, €35 million, and 9 kilograms of gold bars. Hungary's Anti-Terrorism Center was brought in during the investigative process.
Oshchadbank responded by insisting that its employees, vehicles, and assets had been unlawfully detained and demanded their return. In the course of the inquiry, officials reviewed customs declarations, cargo paperwork, customs inspection findings, bank transactions, and transport routes, while also conducting interviews and forensic examinations. Austrian and Polish authorities were contacted to provide corroborating evidence.
In August 2026, NAV announced the investigation had concluded, with no evidence of money laundering or other offenses. The authority determined that every asset belonged to Oshchadbank and was acquired under interbank agreements. Oshchadbank subsequently confirmed the recovery of $40 million, €35 million, 9 kilograms of gold, and the return of the cash transport vehicles.
NAV's decision to close the case confirms that Oshchadbank acted lawfully in its interbank activities, a result that could bolster confidence in financial institutions both in Ukraine and internationally.
The return of these assets highlights how valuable international coordination is in the realm of financial oversight and security, potentially enhancing the reputation of Ukraine's banking sector. The episode also illustrates the necessity of well-defined, transparent procedures for moving large sums across national borders to avert similar incidents down the road.