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Italian authorities have uncovered a major tax credit fraud linked to the country's former Superbonus home renovation incentive programme, leading to the seizure of more than EUR 560 million in tax credits. Investigators found that a criminal network allegedly used dozens of mostly fictitious companies to create credits for construction work that was never carried out. The probe involves redevelopment projects across multiple residential buildings and has led to investigations against 12 individuals for suspected fraud and money laundering. The case has once again drawn attention to the financial impact of Italy's costly Superbonus scheme.
Italian financial police recently uncovered a large-scale fraud connected to the country's former Superbonus incentive programme for energy-efficient home renovations, seizing more than EUR 560 million in tax credits.
According to investigators, the alleged scheme involved a criminal network that operated through more than 60 largely fictitious companies. These entities were reportedly used to generate tax credits for construction and renovation works that were never performed.
Authorities said the network managed multi-million-euro redevelopment projects linked to 22 condominium buildings located across Italy. Investigators also found that information related to real properties was used without the knowledge or consent of the property owners to create fraudulent claims.
As part of the investigation, 12 individuals are being examined for suspected offences including fraud against the state and money laundering. The seized tax credits are valued at over EUR 560 million, highlighting the scale of the alleged operation.
Italy introduced the Superbonus programme in 2020 to encourage energy-efficient upgrades and renovation activity in residential buildings. The scheme offered government-backed incentives covering up to 110% of eligible renovation costs, making it one of the most generous housing renovation programmes in Europe.
The incentive played a significant role in boosting construction activity and supporting Italy's economic recovery following the COVID-19 pandemic. The programme led to a sharp rise in renovation projects, energy-efficiency upgrades and building investments across the country.
However, the scheme also attracted criticism over its fiscal burden and oversight challenges. In recent years, Italian authorities have launched multiple investigations into suspected misuse of tax credits linked to the programme. The government subsequently introduced tighter controls before eventually discontinuing the incentive.
Source Reuters
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