Romanian authorities detained prominent real estate developer Vlad Musteață Thursday following raids on his company, North Bucharest Investments, amid allegations of large-scale tax evasion and money laundering Mediafax reported. The investigation, which reportedly involves Italian businessman Michelle Nusco, centers on a scheme allegedly used to conceal revenue and obscure the origins of funds-including those originating from Moldova-over a four-year period. Authorities estimate the financial damage to the state at 5.9 million lei as they prepare to question approximately 200 individuals.
Romanian real estate mogul Vlad Musteață was detained Thursday as authorities raided his company, North Bucharest Investments, alleging a complex financial scheme involving tax evasion and money laundering. The investigation also reportedly involves Italian businessman Michelle Nusco, a prominent figure in the Romanian development market.
Police executed 25 search warrants in Bucharest and Ilfov county, focusing on allegations of continuous and aggravated tax evasion, as well as money laundering. According to reports, between January 2020 and December 2024, individuals acting as administrators of companies in the real estate sector allegedly created a network of firms to conceal commercial operations and revenue generated from pre-sale contracts and apartment reservations.
Authorities claim the scheme also involved obscuring the origin of significant financial flows, including funds originating from the Republic of Moldova, channeled into the Romanian economy through repeated transfers. The alleged damage to the state budget is estimated at 5.9 million lei.
Approximately 200 individuals – both suspects and witnesses – are expected to be questioned in connection with the case.
Sources indicate that Vlad Musteață, CEO of North Bucharest Investments, has been taken into custody. Michelle Nusco, leader of the Nusco Group and a long-time player in the Romanian market, also surfaced during the investigation, Mediafax reported.
UPDATE Representatives for Nusco have released a statement asserting the company’s role is limited to that of a witness.
“The mention of our company in the procedures referenced in the article does not align with reality, given that we have no involvement in the matters under investigation and are only acting as a witness.
Neither the companies within the Nusco Group nor Mr. Nusco Michele are subject to any accusations! Our company conducts its business in compliance with current legislation and principles of transparency. We are providing all necessary data and clarifications, but reiterate that mentioning our name, images of the President of the Board of Directors, biased association with unverified and unproven aspects, and dissemination of this inaccurate information constitutes an association with facts or actions that do not belong to us and do not reflect how we conduct our business,” a statement from Nusco representatives reads.
Musteață, a businessman originally from Chișinău, Moldova, is known as the founder and owner of the real estate company Proimobil. He has previously faced scrutiny from Moldovan authorities, having been accused of large-scale tax evasion in a case brought in Chișinău. While the court ordered him to pay a substantial sum to the state budget, he avoided imprisonment as some of the alleged offenses had passed the statute of limitations.
Musteață has consistently denied the accusations, claiming the case was “fabricated” and that he was the victim of political and economic interests. The case remains subject to ongoing appeals, Mediafax reported.
Before entering the business world, Musteață enjoyed a successful athletic career as a former rugby champion in Moldova and a medalist at the European Championship – qualities he has said instilled discipline and teamwork, skills he applies to entrepreneurship.
North Bucharest Investments’ Footprint in Romania
NBI Group was founded in 2011 in the Republic of Moldova by Vlad Musteață and entered the Romanian market in the summer of 2022.
In 2024, the company’s total transaction volume increased to nearly 1,300 deals, with a total transaction value reaching 146 million euros. This growth reflects the continued expansion of the Romanian real estate market.
Recently, NBI diversified its portfolio by launching a rental division (NBI Rentals), managing apartments, houses, commercial spaces, and offices – signaling a move beyond solely focusing on sales and into the rental market.
At the beginning of the year, North Bucharest Investments represented 184 residential complexes, villas, and houses. Key projects in its portfolio included Nusco City, Nusco Green Homes, Yacht Kid, Prima Vista, Up Site, Quartier du Nord, Ivory Residence, Oxford by Victoria Homes, Quartier Azuga, Quartier Ferdinand, High Garden East, Avrig Park Residence, Britwood 144 by ANSI Real Estate, SkyLight Residence, Elie Sabb by Metropolitan, Avalon Estate, and Bellmonde.
