The European Public Prosecutor’s Office (EPPO) in Milan has seized about €20 million from bank accounts and insurance policies linked to five companies in an investigation into suspected fraud involving EU Recovery and Resilience Facility funding.
The assets are linked to two suspects who are already subject to precautionary measures over suspected aggravated fraud involving public funds and self-laundering, EPPO said in a release on Tuesday.
The case centres on suspected wrongdoing linked to Italy’s New Skills Fund (Fondo Nuove Competenze), a scheme that supports employee training, with EU funding allegedly obtained using fictitious training activities.
Investigators have estimated the suspected fraud at about €40 million, with around €33 million coming from the EU’s Recovery and Resilience Facility.
Wider probe across Italy
EPPO said it has notified 84 legal representatives of companies across Italy that they are under investigation for suspected aggravated fraud affecting the EU’s financial interests.
The seizure was ordered after investigators identified attempts to conceal suspected criminal proceeds by transferring large sums into bank accounts and insurance products, EPPO said, adding that part of the proceeds is believed to have been invested in assets including real estate.
The investigation was carried out by the Carabinieri units attached to EPPO and the Carabinieri Labour Protection Group of Milan.
All those concerned are presumed innocent until proven guilty in the competent Italian courts, EPPO said.
