Investigation Results in Arrests and Confiscation of Assets
Following an investigation by the EU prosecutor, a significant crackdown has taken place in connection with suspected fraud linked to the European Union’s post-pandemic recovery fund.
Arrests and House Arrests
- 8 individuals were arrested
- 14 individuals were put under house arrest
- 2 individuals were banned from practicing their professions
Locations of Arrests
These arrests were carried out in Italy, Austria, Romania, and Slovakia.
Assets Seized
The Italian financial police announced the seizure of various assets including Lamborghinis, Porsches, Rolexes, Cartier jewelry, cryptocurrencies, luxury villas, and more during raids on homes and offices.
Concerns Over Fraud
The investigation has raised concerns about potential fraud within the EU’s Recovery and Resilience Facility (RRF) and Italy’s building schemes.
Funds and Transfers
Italy has received substantial funds from the EU Covid recovery funds, with more expected in the coming years. The suspects allegedly obtained around €600 million from the Italian National Recovery and Resilience Plan (NRRP) and transferred the funds to accounts in Austria, Romania, and Slovakia.
Methods Used
The prosecutor’s office claimed that the group utilized various methods including front companies, artificial intelligence, cryptocurrencies, and offshore cloud servers to carry out the fraudulent activities.
