Italy: alleged fraud of 600 million euros in European subsidies

2024-04-05T12:39:31.795Z

Highlights: Italy: alleged fraud of 600 million euros in European subsidies. The suspects had implemented schemes to illicitly take advantage of the recovery fund established by the EU in response to the Covid health crisis. More than 150 members of the Italian financial police have carried out searches across Italy as part of an investigation that extends to Austria, Romania and Slovakia. Majestic villas, cars, jewelry, luxury watches and cryptocurrencies have already been seized. The case highlights the challenge of managing the European recovery plan for Italy, which benefits from the largest amount.

Italian authorities have discovered, as part of a vast investigation, in collaboration with other European countries, an alleged criminal organization which is said to have embezzled 600 million euros...

Italy: alleged fraud of 600 million euros in European subsidies

Italian authorities have discovered, as part of a wide-ranging investigation, in collaboration with other European countries, an alleged criminal organization that embezzled 600 million euros intended for programs subsidized by EU funds

The suspects had implemented schemes to illicitly take advantage of the recovery fund established by the EU in response to the Covid health crisis. REUTERS/Kai Pfaffenbach

By: RFI with AFP

More than 150 members of the Italian financial police have carried out searches across Italy

part of an investigation that extends to Austria, Romania and Slovakia, reports RFI correspondent

Anne Le Nir

. According to judicial sources in Rome, 24 people, including 17 in Italy, who are linked to a non-mafia criminal network are the subject of an arrest warrant.

They are accused of fraud in European programs worth 600 million euros. More precisely, the money came from the European Union's recovery fund to overcome the Covid health crisis and from funds intended for Italy for the energy renovation of housing. Majestic villas, cars, jewelry, luxury watches and cryptocurrencies have already been seized.

The EU adopted a recovery plan of more than 800 billion euros in 2020 to help the 27 member states cope with the crisis caused by the pandemic, which is financed by a common loan. This case highlights the challenge of managing the European recovery plan for Italy, which benefits from the largest amount, 194.4 billion euros (71.8 billion in grants and 122.6 billion in loans). .

Rome has received nearly 102 billion euros in COVID-related EU aid so far, with more than 90 billion euros more expected by 2026.

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Italy: alleged fraud of 600 million euros in European subsidies

Italy: alleged fraud of 600 million euros in European subsidies

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