Police in Italy seized credits in the amount of EUR 607 million after launching an investigation against 98 individuals in an operation that sought to dismantle a major fraud scheme.

The GBP 520 million worth of credits, claimed by 105 individuals, both natural and legal persons, were confiscated by the Finance Police in Naples on 7th December.

The money was written off as tax bonuses for construction work that was never carried out, involving energy requalification, renovation, and seismic adjustments, mostly obtained by companies with no business substance and financial stability.

In some cases, the work would have been carried out by ice cream parlors, perfumeries, game rooms, and street vendors, as well as individuals not engaged in business or self-employment.

The measure was issued by the judge of the Court of Naples North, upon the request of the Prosecutor’s Office.

The suspects will have to answer for aggravated fraud in obtaining public funding.

The activity carried out by the Yellow Flames of the Frattamaggiore Group follows the results of a similar delegated investigation that has already led, in the course of 2022, to the seizure of approximately EUR 903 million (GBP 774 million), related to the circulation of fictitious credits for renovation and energy efficiency works, as well as lease fees provided by the “relaunch” Decree.

With the execution of Thursday’s measure, a total of EUR 1.5 billion (GBP 1.2 billion) in fake credits, originating mainly in the years 2021/2022, have been seized.