Dubai Papers Trial Examines Alleged €200 Million Offshore Tax Fraud Network

The trial of 13 defendants accused of operating or facilitating a large-scale offshore tax fraud and money laundering network began in Paris on 2 November 2026. The proceedings concern Hélin International, a financial services operation alleged to have helped 322 French taxpayers conceal more than €200 million from the French tax authorities through a complex network of offshore companies, trusts and foreign bank accounts.

The defendants are being tried before the 32nd Criminal Chamber of the Paris Judicial Court. They include nine individuals associated with Hélin International, three Paris-based lawyers and an accountant from northern France. The charges brought by the French National Financial Prosecutor’s Office include aggravated complicity in tax fraud, aggravated money laundering and participation in a criminal association. The defendants’ individual responsibility remains to be determined by the court.

Investigators allege that the operation relied on 658 offshore companies and accounts spread across several jurisdictions, including Switzerland, Luxembourg, Cyprus, Hong Kong, the Bahamas, the United Arab Emirates, Puerto Rico and Mauritius. The network was allegedly designed to conceal the ownership of assets and allow clients to access funds without declaring them to the French tax authorities. The figure of more than €200 million represents the amount prosecutors allege was concealed, rather than a confirmed tax assessment or a sum already recovered.

Belgian businessman Henri de Croÿ is identified by investigators as the alleged principal organiser of the network. His brother Emmanuel de Croÿ and other senior figures are also accused of having played significant roles in its operation. According to the prosecution’s account, Hélin operated through a hierarchical structure in which responsibilities were divided among management, employees and external intermediaries. The operation reportedly followed an earlier arrangement conducted through a Swiss company, Jawer SA, before Hélin’s activities moved to the United Arab Emirates in 2009.

The investigation was significantly advanced by the discovery of hundreds of thousands of internal documents. An anonymous USB device containing the records was delivered to investigators in early 2019. The same material had previously been provided to journalists at L’Obs and Radio France, whose reporting in 2018 brought the case to public attention under the name “Dubai Papers”. Investigators used the documents to reconstruct the relationships between clients, corporate entities, intermediaries and the mechanisms through which funds were held and accessed. Although some records reportedly indicated activity dating back to the 1990s, the criminal investigation focused on conduct from January 2007, reflecting limitation issues.

The alleged arrangements extended beyond the establishment of offshore companies and the use of foreign bank accounts. Prosecutors describe a system through which clients could obtain access to money in France using cash deliveries and anonymous prepaid bank cards. Investigators also examined arrangements involving French business owners and invoices alleged to be fictitious. Under the suspected method, false invoices were used to remove cash from French businesses while corresponding value was retained or made available abroad.

The case therefore concerns not only the concealment of assets, but also the mechanisms allegedly used to return funds to their beneficial owners while obscuring the connection between the original source of the money and its eventual use. The distinction between legal ownership and effective control is central to the investigation, particularly where companies, trusts or nominees were allegedly used to hold assets on behalf of clients.

The prosecution has also focused on the role of professional intermediaries. Investigators reportedly identified 38 business introducers who referred clients to Hélin International, including individuals working in the legal and accounting professions. Three lawyers and an accountant are among those currently facing charges. Prosecutors allege that these individuals acted as recruiters for the operation rather than simply providing independent professional advice. Their involvement and knowledge of the alleged scheme must, however, be established individually; a professional relationship or referral alone does not demonstrate criminal conduct.

The French National Financial Prosecutor’s Office reportedly estimates that Henri de Croÿ received more than €15 million in commissions between 2011 and early 2018 in connection with the activities under investigation. This estimate forms part of the prosecution’s case and should not be treated as a final confiscation order or a judicial finding.

The proceedings follow earlier enforcement action against some of the alleged clients. According to reporting on the case, 20 clients have already been convicted and received suspended prison sentences. These proceedings reportedly resulted in €23.6 million in tax adjustments and €9.3 million in fines and confiscations. These outcomes relate to those specific clients and do not determine the liability of the individuals currently on trial. At the end of 2025, a further 119 taxpayers were reportedly under judicial scrutiny for suspected laundering of proceeds from tax fraud, 56 of whom were also facing complaints from the public accounts ministry concerning tax fraud.

The case highlights the risks associated with complex cross-border corporate structures when they are used to obscure beneficial ownership, conceal the origin of funds or facilitate access to undeclared assets. For financial institutions and professional service providers, the allegations underline the importance of looking beyond the immediate legal owner of an account or company and establishing who ultimately controls and benefits from the assets.

Relevant indicators may include unexplained layers of offshore entities, transactions inconsistent with a customer’s declared business activity, payments supported by invoices that lack a credible commercial purpose, and repeated transfers through jurisdictions with no apparent connection to the customer’s activities. The use of cash withdrawals or prepaid cards may also warrant closer examination where it forms part of a wider pattern of activity designed to obscure the movement or ownership of funds. None of these factors alone establishes money laundering or tax fraud, but their combination may require further investigation and escalation.

The alleged involvement of lawyers, accountants and other introducers also demonstrates the importance of assessing the purpose and substance of intermediary relationships. Institutions should understand the services being provided, the commercial rationale for referrals, the basis for commissions and the extent to which intermediaries are involved in controlling or moving client funds. Professional status should not replace independent assessment of beneficial ownership, source of funds and transaction purpose, while applicable professional secrecy and reporting obligations must be respected.

The Paris proceedings are expected to continue for approximately one month. Their outcome will determine whether the prosecution can establish the alleged roles of Hélin International’s management, employees and professional intermediaries in the operation. Until the court reaches its conclusions, the allegations against the defendants remain unproven.

By fLEXI tEAM