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.
Translation:
Translated by AI
Newsletter

Related Articles

London Daily
0:00
0:00
Close
UK Maintains Non-negotiable Stance on Falklands and Gibraltar
Controversy Surrounds A75 Road Closures and 96-Mile Diversion
Crunch Time in Conservative Leadership Race
Keir Starmer's Challenges in the Wake of Sue Gray's Departure
Coroner Urges UK Government to Improve Severe ME Care
Starmer Calls for De-escalation in Middle East Amid Heightened Tensions
Chancellor Reeves Decides Against Pension Tax Hike
UK Advocates Urge Tobacco Windfall Tax and Permanent Levy
Starmer's Chief of Staff Plans Major Overhaul at Downing Street
Key Labour Thinktank Advocates New Powers for Mayors
Rachel Reeves Considers New Fiscal Rules for Infrastructure Spending
Great Britain Faces Lowest Winter Blackout Risk in Four Years
The Impact of Online Culture on Young Women: Survey Insights
Hypersonic Jet to Revolutionize Air Travel
Russian Medic Arrested for Alleged Satanism and Promoting LGBTQ Rights
UK: Chagos Islands Deal Was About Securing US Military Base
RT has converted key archive speeches delivered by Putin into spoken English using the help of AI
Walmart is now selling a new book titled The Achievements of Kamala Harris—and all the pages are blank.
Bill Gates: "6% of global emissions are cows... You can either fix the cows to stop them farting, or you can make beef without the cow."
Facilitated Communication: Miracle Tool or Manipulative Method?
The Allure of Browsing Online Property Portals: A Modern Obsession
Suspected Acid Attacker in London Bailed Amid Investigation
Tragic Channel Crossing: Four Migrants Killed
Labour Cabinet Ministers' Stances on Assisted Dying
The Influence of Tory Members on Party Leadership
UK Plans Major Overhaul of Employment Rights
UK Food Industry Lobbying Delays £1.7 Billion Plastic Packaging Tax
New UK Tipping Law Sparks Confusion Among Restaurant Staff
Debate Heats Up Over Assisted Dying Legislation in the UK
New Personalized Cancer Therapies Undergo Extensive Clinical Study
UAE Energy Minister: OPEC+ Doing a 'Noble' Job in Balancing Oil Market
Call for Wealth Tax Hikes to Curb Reform UK's Rise
Labour MP Supports Chancellor's Rejection of Wealth Tax
Debate Intensifies Over VAT Introduction for UK Private Schools
Israel Plans Retaliation Against Iran Amid Rising Regional Tensions
Norwegian Police Conclude 'Spy Whale' Hvaldimir's Death Due to Infection
Dominica Sells Citizenship to Boost Climate Resilience
Greta Thunberg Detained in Brussels During Protest Against Fossil Fuel Subsidies
UK Returns Chagos Islands to Mauritius After Decades-Long Dispute
UK Reaffirms Commitment to Overseas Territories Amid Falkland Islands Dispute
France's Silent March Supports Gisèle Pelicot: A Shocking Case
Robert Jenrick's Leadership Prospects: Challenges from the Right
Declining Interest in Grammar Schools Amid VAT Concerns
Emirates Bans Pagers and Walkie-Talkies on All Flights
Malaysian Father Burns Son's Motorbike to Prevent Racing Accidents
Donald Trump Urges Israel to Hit Iran's Nuclear Facilities First
Private Schools Face Enrollment Decline Due to Impending VAT on Fees
Wetherspoon’s CEO Criticizes Smaller Beer Glass Proposal and Licensing Hour Reduction
Starmer Defends UK Chagos Islands Decision Amidst Tory Criticism
Naomi Campbell Banned from Charity Work After Fashion for Relief Mismanagement
×