London Daily

Focus on the big picture.

European Union's COVID-19 Recovery Fund: 22 Arrested for $652M Fraud, Assets Seized Including Luxury Goods and Real Estate

Twenty-two people were arrested by Italian and EU finance police in connection to an alleged COVID-19 recovery fund fraud.
Assets worth over €600 million ($652 million) were seized, including villas, luxury cars, gold, jewelry, cryptocurrencies, and illegitimately claimed tax credits for home improvements.

The group is believed to have defrauded both the European Union and Italian funding schemes.

Three groups of people were arrested in Slovakia, Austria, and Italy in connection to a fraud investigation.

The investigation involves suspects using front companies to present fake projects and claim tax credits from the Italian government's COVID recovery funds and building schemes.

Italy has received over 100 billion euros from the EU's Recovery and Resilience Facility and is also spending billions on its own building projects.

The suspects allegedly used "sophisticated fraud systems" to present fictitious projects and receive funds.

Searches were also conducted in Romania.

A organization carried out a fraud and then established a money laundering system using cloud servers in non-cooperative countries and cryptoassets.

The Italian police collaborated with the European Public Prosecutor's Office (EPPO) to investigate this crime against the EU's financial interests.

In its 2023 annual report, EPPO disclosed that they had 1,927 ongoing investigations, totaling approximately 19.2 billion euros of suspected fraud.

Italy had 618 of these investigations.
Translated by AI

Related Articles

London Daily
News roundup
Good day, everyone! We've got some gripping stories for you today, spanning from the Middle East to Europe, and even a touch of Hollywood.
Britain’s Refugee Visa Rules Stranding Children in War Zones
UK Elections Predict ‘Electoral Extinction’ for PM Sunak’s Conservative Party
Italian Activist Ilaria Salis Returns Home After Election to European Parliament
Good morning!
England Faces Serbia in Euro Opener with Defensive Concerns
Dermatologist Warns Against Sunbed Usage
Fake Pro-Reform UK Social Accounts and Their Influence on Elections
UK Man Jailed for Non-Consensual Condom Removal
Reform UK Surpasses Conservatives in Historic Poll
US, Britain, Canada Accuse Russia of Interference in Moldova’s Election
Taylor Swift Fans Create Seismic Activity in Edinburgh
Sunak Aide Under Investigation for Election Bet
Labour Leader Starmer Focuses on Wealth Creation for Upcoming UK Elections
G7 to Use Frozen Russian Assets for $50 Billion Ukraine Aid
Anti-Israel Irish MEP Clare Daly LOST her seat in the EU Election
Johnson & Johnson Settles Talc Safety Claims for $700 Million
EU Urged to Welcome Skilled Russians to Weaken Putin
EU Elections Overview: Far-Right Gains and Major Political Shifts
Israel Rescues Four Hostages from Gaza
Emmanuel Macron Calls for Snap Election
Jordan Bardella: Young Far-Right Leader Poised for Future Political Influence in France
World's Oldest Privately Owned Book Auctioned for $3.8 Million
Animal Rights Activists Deface King Charles' Portrait in Protest
Dutch Military Intel Uncovers Extensive Chinese Cyber Espionage
Turkish Student Arrested for Using AI to Cheat in University Exam
Rise in Dengue and Other Mosquito-Borne Diseases in Europe Due to Climate Change
EU Elections Overview: Far-Right Gains and Major Political Shifts
Far-Right National Rally Dominates France's EU Vote
Macron Calls Snap Legislative Elections After Far-Right Victory
Far-Right Gains Significantly in EU Election
UK Job Market Shows Signs of Recovery
Orban’s Fidesz Party Wins Majority in Hungary’s EU Elections as New Challenger Emerges
Meloni's Far-Right Party Wins European Elections in Italy
Key Insights from the European Union Elections
European Union Elections and Rise of Far-Right Parties
England Loses Over 260,000 Social Rent Homes in a Decade
Campaigners Urge Government to Block Shein's FTSE Listing
First NHS AI-Run Physiotherapy Clinic Launches This Year
British TV Presenter Michael Mosley Found Dead on Greek Island
Ukrainian Forces Claims First Strike on Russia's Su-57 Fighter Jet
Macron Dissolves Parliament and Calls Snap Elections
Russia Adds Yulia Tymoshenko to Wanted List
UK Foreign Secretary David Cameron Tricked by Hoax Caller Posing as Former Ukrainian President
Kate Middleton's Absence from Colonel's Review Due to Chemotherapy
UK Foreign Secretary Deceived by Prank Video Call
Sunak Criticised Over D-Day Exit in BBC Debate
Rishi Sunak Apologizes for Leaving D-Day Commemoration Early
UK Woman Sentenced After Causing Fatal Crash While Sending Selfies