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Dutch investigators found hundreds of thousands of euro in unexplained cash at Jumbo CEO’s home

Frits van Eerd's house was raided in September as part of a fraud investigation

Financial crime investigators found huge amounts of cash during a raid of Frits van Eerd’s home in Heeswijk-Dinther, The Netherlands. According to a report in the NL Times on Thursday, when the investigators raided the Jumbo CEO, and various other locations across the Netherlands in September, they found hundreds of thousands of euro. It was part of a wide scale investigation into money laundering, suspicious real estate transactions, and tax fraud.

Van Eerd was arrested following the raids, along with nine others. Jumbo is the co-sponsor of one of the best WorldTour teams in men’s cycling, Jumbo-Visma, the home of riders like Wout van Aert, and TdF champ Jonas Vingegaard. The company also sponsors a speed skating team, as well as motorsports.

Jumbo CEO’s house raided by police

Van Eerd was not the prime suspect in the investigation but Dutch news outlets have confirmed that his home and business premises were raided and searched by police and other authorities.

Following the raids, van Eerd temporarily stepped down as CEO however his lawyer refused to comment on questions from Dutch media. Furthermore, his lawyer did not explain why Van Eerd he obtained the cash, the report said.

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The acting Ton van Veen said in a statement that Jumbo itself was not the investigation. However, KPMG did begin an investigation into Jumbo’s sponsorship contracts in motorsport.

“Jumbo has taken note of an investigation that is currently being conducted,” a press release in September from the supermarket chain read. “We understand that the investigation does not focus on Jumbo. However, questions are being asked to Frits van Eerd in the context of the investigation.”