(Luxembourg, 19 November 2025) – At the request of the European Public Prosecutor’s Office (EPPO) in Rome (Italy), the Italian Financial Police (Guardia di Finanza) of Pescara carried out searches and seized assets on Tuesday, in an investigation into a €3.7 million fraud scheme to obtain funds intended to support small and medium companies (SMEs), including those affected by Russia’s war of aggression against Ukraine.
Pursuant to a court order to freeze up to €3.7 million, obtained by the EPPO, the Italian Financial Police conducted searches in the cities of Pescara, Chieti and Agrigento, and seized a real estate property, eight luxury watches, a golden necklace and cash. A total of 50 bank accounts belonging to the suspects were also frozen.
On the radar of the EPPO are ten suspects, believed to operate a criminal organisation to carry out fraud schemes intended to illicitly obtain public funds (both national and European) and loans for Italian companies. The funding was intended to support SMEs, promote digital transition or assist companies impacted by Russia’s war of aggression against Ukraine.
The investigation began when a tax audit of a company operating in the city of Pescara uncovered possible fraud involving false declarations to obtain EU and national funds, including those from the Next Generation EU programme. In particular, the investigation brought to light forged invoices and balance sheets of Italian companies, which were used to inflate their turnover and thereby demonstrate financial capacity to receive grants for the years 2021 and 2022.
Requests for funding were then submitted to SIMEST, Italy’s financial institution for the development and promotion of the activities of Italian companies abroad. It is understood that the fraudulent scheme was also used to obtain loans guaranteed by Medio Credito Centrale – Banca del Mezzogiorno, which manages public guarantee schemes. The evidence indicates that the profits were subsequently laundered.
All persons concerned are presumed innocent until proven guilty in the competent Italian courts of law.
The European Public Prosecutor’s Office (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.