Milano: seizure of 65 million in false tax credits for fraud on Facade Bonuses and Superbonus 110%

The financiers of the Provincial Command of Milano, on behalf of the local Public Prosecutor's Office, seized over 65 million euros of non-existent tax credits, of which 57 million attributable to the so-called "facade bonus" (Law no. 160/2019) and approximately 8 million resulting from building recovery works subject to the so-called "Superbonus 110%" (Law no. 77/2020), the result of a complex fraudulent mechanism perpetrated by a Milanese company operating in the renovation and construction sector.

The investigation, conducted by the military of the Economic and Financial Police Unit of Milano, has allowed the dismantling of an illicit fraud mechanism aimed at the undue creation and monetization of tax credits accrued within the scope of the economic support measures introduced in the sector of restructuring interventions and energy requalification.

The investigations carried out revealed that the company under investigation fraudulently acquired tax credits for construction work that was never carried out, although invoiced to the client parties, subsequently transferred to three separate financial intermediaries, thus realizing huge illicit profits.

The investigations have allowed us to arrive at three different seizure operations arranged by the GIP of Milano at the request of the Public Prosecutor's Office:

In an initial intervention, securities were seized that the company under investigation had purchased through the reinvestment of approximately 15 million euros resulting from the monetization of non-existent tax credits.

In a second intervention, fictitious tax credits for approximately 57 million euros were seized, which the company had sold to some financial intermediaries.

Finally, a further 8 million euros of non-existent credits, still present in the tax drawer of the investigated company, were seized, thus preventing them from being monetized or used through the compensation institute.

The fight against credit fraud is aimed at ensuring the correct allocation of the huge public resources allocated to support families and businesses through effective and integrated repressive and preventive action, based on the detection of undue compensations, the preventive seizure of fictitious tax credits and the reporting for the suspension of payment delegations containing false tax credits.