This article offers an excursion into the world of fraud-fight in the European context. The first part introduces a hypothetical case on the modus operandi of perpetrators of trans-national fraud cases. On the basis of this case, shortcomings of the current legal mechanisms protecting the financial interests of the European Community will be analyzed. Then the article deals with the establishment of the office of the European Public Prosecutor (EPP) as a proposed legislative response to the challenges posed by EC fraud.