European authorities seize assets in Naples fraud probe over EU recovery funds

European authorities seized more than 305,000 euro (roughly $352,000) in assets across southern Italy as part of an investigation into suspected fraud involving European Union pandemic recovery funds.

The European Public Prosecutor’s Office announced Monday that a Naples-based company allegedly falsified documents to secure a 300,000 euro non-repayable loan meant to help small businesses with digital and green transitions. Instead of utilizing the funds as intended, investigators say the company misappropriated the money.

The Italian Financial Police confiscated cars, real estate, and bank funds from the residences of five suspects in Naples and Caserta.