Police in Bulgaria busted a five-member gang that committed taxation fraud worth 60 million leva.

National budget losses amounted to nearly 12 million leva, Focus news agency said.

The gang made fictitious deals concerning industrial goods, fuel and advertisement.

Among the members are four women and a man, aged 30 to 40. Most of them are from Veliko Turnovo. Some of the deals were completed in the town. Apart from the organisers, 13 companies were involved in the scheme.

Authorities found out that the gang has been committing taxation fraud since the beginning of 2006.

Police seized documentation and is still investigating. None of the gang members have been arrested yet.