Police seize Porsches, Lamborghinis and Rolexes in €600m COVID relief fraud bust
The criminal group had its hands on £515 million in funds meant for small and medium-sized businesses, according to the European Public Prosecutor's Office.
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Police have arrested 22 people and seized luxury items including Cartier jewelry and Porsches obtained through a COVID relief fraud scheme.
The criminal group made off with £515 million (€600 million) in funds meant for small and medium-sized businesses, according to the European Public Prosecutor’s Office.
The money was meant to prop up companies during the pandemic-era lockdowns that left many entrepreneurs strapped for ash.
Instead, prosecutors say the group transferred the money to themselves.
Among the items seized to satisfy the debt are Lamborghini sports cars, Rolex watches, luxury villas and cryptocurrencies.
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Prosecutors say the criminal enterprise worked together to steal large chunks of Italy’s recovery money from 2021 until last year.
They made up fake documents "to show that the companies were active and profitable, whereas in fact they were non-active, fictitious companies."
Police conducted dozens of raids on homes and offices across Europe.
Ultimately, eight people were arrested and 14 were placed on house arrest. One accountant was banned from practising his profession.
The €600 million in assets were frozen by a pre-trial judge in Italy and recovered by the Venice office of Italy's financial police unit, the Guardia di Finanza.
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The arrests happened in Italy as well as in Austria, Romania and Slovakia in coordination with law enforcement agencies from those countries.
The European Union spent more than €800 billion on its NextGenerationEU plan to boost the economy after the devastating impact of the virus.
Italy received the most money, with €194 billion going to the Mediterranean nation.
In the UK, the National Audit Office reports that £7 billion have been lost to COVID pandemic recovery schemes with a "very unlikely" chance that the money will be clawed back.