The Portugal global is alleged to have evaded tax via a shell company based in the British Virgin Islands and another in Ireland, known for its low corporate tax rate.
Portugal's forward Cristiano Ronaldo gestures during a training session at "Cidade do Futebol" training camp in Oeiras, outskirts of Lisbon, on June 14, 2017 ahead of the 2017 FIFA Confederations Cup football tournament in Russian Federation which begins on June 17.
Other players to be accused of tax fraud include Fabio Coentrao, Falcao and Pepe, all of share the same agent (Jorge Mendes) as Ronaldo.
Spanish prosecutors allege that Ronaldo used a shell company in the Virgin Islands to "create a screen in order to hide his total income from Spain's tax office".More news: Northam wins Democratic nomination for governor
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In spite of that, the prosecutor says that Ronaldo should have to pay the 14.7 million Euro amount to take care of the tax fraud issue. In 2016, it was suggested by a German MEP that he was using an Irish company to dump money, thereby avoiding higher taxes in Spain.
Ronaldo's representatives did not respond immediately to a request for comment. In addition, he listed his image rights income as totaling $12.8 million, when in reality, his real income was $48 million.
Madrid have now also offered their support to the four-time Ballon d'Or victor, believing him to be innocent of any wrongdoing.