Hungary's National Tax and Customs Administration (NAV) confirmed on Friday that criminal proceedings had been launched on suspicion of money laundering following an operation carried out on March 5. Authorities intercepted two armored cash-transport vehicles traveling through Hungary from Austria toward Ukraine.

According to the Hungarian authorities, the vehicles were carrying approximately $40 million, €35 million in cash, and 9 kilograms of gold.

Hungarian Foreign Minister Péter Szijjártó said the case raised serious questions about the movement of large quantities of physical cash through the country.

"Since January, a total of $900 million and €420 million in cash has been transported through Hungary, and 146 kilograms of gold bars have also been transported through the country," he said, as cited by Magyar Hírlap.

"We have a number of serious questions about this. First of all, this is a huge amount of cash, and we wonder why Ukrainians need to transport such a large amount of cash. If it is true that this is a transaction between banks, then the question rightly arises as to why the banks do not settle this between themselves by bank transfer, why it is necessary to transport such a large amount of cash, and why it has to be transported through Hungary," Szijjártó added.

"These questions arise mainly because these cash shipments are accompanied by people who have clear ties to Ukrainian secret services."

Hungarian Prime Minister Viktor Orbán's political director, Balázs Orbán, also commented on the case, raising concerns about the purpose of the funds.

"Hundreds of millions in cash and gold moving through Hungary toward Ukraine — escorted by people linked to Ukrainian intelligence. Armored vehicles, suitcases full of money, staggering sums," he wrote on X.

"Whose money is this? What was it meant to finance? Who benefits from it? And why must such enormous amounts of cash travel across our country instead of being transferred through normal banking channels?"

He added that authorities would conduct a full investigation and argued that the Hungarian public had a right to know where such funds were coming from and what they were intended for.

Ukraine, however, has strongly rejected the allegations and accused Hungary of illegally detaining its citizens and confiscating bank property.

Ukrainian Foreign Minister Andrii Sybiha said the seven individuals were employees of the state-owned Oschadbank who were conducting a routine cash transfer between financial institutions.

"Today in Budapest, Hungarian authorities took seven Ukrainian citizens hostage. The reasons are still unknown, as well as their current well-being, or the possibility of contacting them," Sybiha said in a social media post cited by Ukrinform.