EPPO Seizes €486,000 in Major EU Recovery Fund Fraud and Money Laundering Bust
The European Prosecutor's Office (EPPO) has dismantled a major money laundering and fraud operation involving EU subsidies from the Recovery Fund in Italy. The investigation led to the seizure of €486,000, which was illicitly obtained and diverted from its intended use.
The operation involved two companies that applied for funds under false pretenses, claiming to have operational headquarters, financial solidity, and plans for digital transition projects that never materialized. Six individuals with strong ties to these companies were identified as suspects in the case.
The seized funds, amounting to €486,000, were laundered by paying debts to other companies involved in the criminal association, totaling €183,000. This is the latest case of fraud on the Recovery Fund discovered in Italy, occurring within less than ten days of the last reported case. Italy, as the main beneficiary of EU funds for recovery, is under more thorough and extensive controls due to the increased attention on criminality around the country.
The EPPO's investigation and subsequent seizure of €486,000 serve as a strong warning to those attempting to exploit EU funds for personal gain. The case highlights the importance of robust controls and thorough scrutiny of applicants to prevent further fraudulent activities.
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