Police have detained 22 individuals and confiscated assets worth&nbsp; €600 million ($650 million) in connection with suspected fraud linked with the European Union's post-pandemic recovery fund.

Following an investigation by the EU prosecutor, eight&nbsp;people were arrested, while 14 were put under house arrest, and two were banned from practising their professions.

These arrests were made in Italy, Austria, Romania, and Slovakia.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/apple-announces-layoffs-of-614-employees-in-california-following-car-project-shutdown-707933">Apple announces layoffs of 614 employees in California following car project shutdown</a>

The Italian financial police said on Thursday (April 4) that it had seized Lamborghinis, Porsches, Rolexes, Cartier jewellery, cryptocurrencies, luxury villas and other items during several raids on homes and offices.

The investigation has increased fears that both the EU's Recovery and Resilience Facility (RRF) and Italy's own building schemes are proving a boon for fraudsters.

Italy has&nbsp;received almost 102 billion euros from the EU Covid&nbsp;recovery funds, with over 90 billion more expected by 2026.

Police said the suspects were using a series of front companies to present fictitious projects and thereby get&nbsp;tradeable tax credits from the state.

"In 2021, the group applied for non-repayable grants, apparently to aid small- and medium-sized ventures. However, they afterwards made up false balance sheets to show the companies as active and profitable, despite their non-activity or fictitious nature," according to the EPPO.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/brooklyn-victims-lose-millions-to-a-pig-butchering-crypto-scam-707928">Brooklyn victims lose millions to a ‘Pig Butchering’ crypto scam</a>

After getting approximately €600 million from the Italian National Recovery and Resilience Plan (NRRP), the group allegedly transferred the funds to their bank accounts in Austria, Romania, and Slovakia, as per the EPPO.

The prosecutor's office further alleged that the group utilised artificial intelligence, cryptocurrencies, and offshore cloud servers to execute the fraud.

(With inputs from agencies)

Police have detained 22 individuals and confiscated assets worth €600 million ($650 million) in connection with suspected fraud linked with the European Union's post-pandemic recovery fund.

Police have detained 22 individuals and confiscated assets worth €600 million ($650 million) in connection with suspected fraud linked with the European Union's post-pandemic recovery fund. Following an investigation by the EU prosecutor, eight people were arrested, while 14 were put under house arrest, and two were banned from practising their professions. These arrests were made in Italy, Austria, Romania, and Slovakia. Also read: Apple announces layoffs of 614 employees in California following car project shutdown The Italian financial police said on Thursday (April 4) that it had seized Lamborghinis, Porsches, Rolexes, Cartier jewellery, cryptocurrencies, luxury villas and other items during several raids on homes and offices. The investigation has increased fears that both the EU's Recovery and Resilience Facility (RRF) and Italy's own building schemes are proving a boon for fraudsters. Italy has received almost 102 billion euros from the EU Covid recovery funds, with over 90 billion more expected by 2026. Police said the suspects were using a series of front companies to present fictitious projects and thereby get tradeable tax credits from the state. "In 2021, the group applied for non-repayable grants, apparently to aid small- and medium-sized ventures. However, they afterwards made up false balance sheets to show the companies as active and profitable, despite their non-activity or fictitious nature," according to the EPPO. Also read: Brooklyn victims lose millions to a ‘Pig Butchering’ crypto scam After getting approximately €600 million from the Italian National Recovery and Resilience Plan (NRRP), the group allegedly transferred the funds to their bank accounts in Austria, Romania, and Slovakia, as per the EPPO. The prosecutor's office further alleged that the group utilised artificial intelligence, cryptocurrencies, and offshore cloud servers to execute the fraud. (With inputs from agencies)

EU police arrests 22, seizes $650 million in COVID-19 fraud case

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EU police arrests 22, seizes $650 million in COVID-19 fraud case