Embezzlement case heats up as $9.6 million fine slapped on Olympic Casino Group

The Olympic Casino Group Baltija has been slapped with a hefty €8.4 million ($9.6 million) fine by Lithuanian authorities. This comes as the country’s Financial Crime Investigation Service (FNTT) expands its investigation into the “misappropriation of funds” of the BaltCap Infrastructure Fund.

The fund, which offers up to €15 million ($16.3 million) for projects “with a focus on renewable energy generation, energy demand reduction” and “transport infrastructure investments” in the Baltics and Poland regions.

A former partner of the fund, Šarūnas Stepukonis, was arrested last year in February 2024. According to a European Public Prosecutor’s Office (EPPO) report, Stepukonis allegedly lost €5.1 million in a Lithuanian casino and €31.6 million in an Estonian casino.

As part of this investigation, Lithuanian authorities have fined Olympic Casino Group Baltija €8.4 million after another investigation by the Gaming Supervisory Authority (LPT). This investigation found that Olympic hadn’t taken the time to locate where the funds came from as Stepukonis was gambling.

The director of LPT, Virginijus Daukšys, said, “Instead of finding out whether Stepukonis had a gambling problem or informing the supervisory authority, Olympic Casino encouraged him to gamble even more.

“An individual incentive package was prepared for him. A total of €1.3m was allocated for this. This ‘bonus’ could only be spent on gambling. Other incentives were also allocated.”

Authorities are now trying to retrieve the €31.6 million lost at the casino. However, it’s unknown how long this process could take.

The EPPO report also points out that LPT found that the Lithuanian casino also had its own violations. EPPO states that five violations were found, but it only lists potential money laundering, gambling, and terrorist financing. This is covered in the €8.4 million fine.

EPPO also points out that charges have been brought against an Estonian casino and the CEO for “illegally operating in Lithuania.”

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