Italy seizes €560 million in tax credit fraud from home renovation incentives

ROME, June 11 (Reuters) - Italy's financial police said on Thursday it had unveiled a large-scale fraud linked to the country's "Superbonus" incentives for energy-saving home improvements, seizing more than €560 million ($646.13 million) in tax credits.

• Investigators said a criminal network used over 60 mostly fictitious companies to generate credits for building work never carried out.

• The network oversaw multi-million-euro redevelopment projects on 22 condominiums across the country.

• The scheme used data on real properties without owners' knowledge.

• Twelve people are under investigation for offences including fraud against the state and money laundering.

• The Superbonus scheme, introduced in 2020, offered state-funded subsidies of up to 110% for energy-saving home improvements.

• The scheme, which is no longer available, powered a building investment surge that fueled a strong growth rebound from the COVID-19 pandemic.

• It had a huge cost for public finances, with the delayed effect of tax credits still weighing on the public debt.

($1 = 0.8667 euros)

(Reporting by Mirko Miorelli, editing by Gavin Jones)