Italian Police Dismantle $430m COVID Support Fraud Ring

Italian police dismantled a fraud scheme of at least €440 million, which had simulated business leases to obtain COVID-19-related compensations.

An organized crime group used Italian companies to sell false tax credits and to simulate tax credits for false works to improve the safety and energy consumption of the companies.

The European Union Agency for Criminal Justice Cooperation (Eurojust) reported that 12 suspects, allegedly part of the organized crime group, were arrested.

Italian police said that €400 million or $430 million have already been recovered. Seized assets included vehicles and cryptocurrencies, as well as gold, platinum, and watches of significant value, which were held in a safe deposit box in Austria.

Austria’s Central Public Prosecutor´s Office for Combatting Economic Crimes and Corruption (CPPOCECC) and the State Criminal Police Agency Vienna also took part in the investigation.

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