- EPPO uncovered a Chinese underground banking network involved in €113 million VAT fraud in Italy
- Coordinated sting in Bologna and Milan led to dismantling of criminal gang
- 20 cities in Italy were searched, resulting in arrests of seven suspects
- Scheme involved ghost companies importing goods from China to Italy to evade VAT and custom duties
- Illicit profits laundered through Chinese underground banking network with branches in Italy
- Funds transferred through shell companies and false invoices to avoid anti-money laundering measures
- Extensive documentation seized, €116 million frozen, assets seized, bank accounts frozen
- Investigation conducted by Italian Financial Police with cooperation from other agencies
- All suspects are presumed innocent until proven guilty in court.
Source: eppo.europa.eu
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
