A major police operation to dismantle a fraud ring that was illegally claiming Value-Added Tax (VAT) has led to 17 arrests, Greek Police said on Tuesday. The ring includes accountants, the president of a football club, a former candidate for mayor elections, while the role of a popular TV presenter and producer is under investigation. The fraud ring claimed VAT refund that were based on fictitious commercial transactions and invoices and income tax withholding. Authorities estimate that the fraud ring issued fake invoices worth of 20 million euros in total, while they are considered to have cash in VAT refund at least €5 million. Investigation started approximately six months ago and continues despite the arrests as authorities suspect that much more people are involved in the fraud ring.