(Luxembourg, 3 September 2025) –At the request of the European Public Prosecutor’s Office (EPPO) in Bologna (Italy), the Italian Financial Police (Guardia di Finanza) of Ravenna seized more than 28 million in assets in connection with a large-scale VAT carousel fraud investigation.
The measures follow a complex investigation into the production and distribution of software and IT products, which revealed anomalies linked to abnormally low sales prices. The evidence uncovered an international VAT carousel fraud scheme, involving more than 70 companies in several EU countries, as well as Switzerland and Curaçao.
In Ravenna, investigators found that a company had used false invoices worth over €128 million, leading to an estimated VAT loss of more than €27 million. A second company near Rome was found to have recorded fictitious transactions amounting to around €53.5 million, with an estimated VAT loss of around €12 million. Together, the companies are believed to have defrauded €40 million in VAT.
So far, assets worth more than €28 million have been seized, including bank accounts, insurance policies, real estate and company shares. The court is also assessing the appointment of a judicial administrator for the seized shares, to safeguard ongoing business activities.
The investigation is ongoing, with the aim of identifying additional suspects and further clarifying the full extent of the fraud.
All persons concerned are presumed innocent until proven guilty in the competent Italian courts of law.
The EPPO is the independent public prosecution office of the European Union. It is responsible for investigating, prosecuting and bringing to judgment crimes against the financial interests of the EU.