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Police seize 2.5 mn euros in Fonsai fraud probe

Funds destined for Swiss account linked to fallen Ligresti

25 February, 14:51
Police seize 2.5 mn euros in Fonsai fraud probe (ANSA) - Turin, February 25 - Italian finance police on Tuesday seized 2.5 million euros destined for Paolo Ligresti, son of a fallen patriarch of an Italian insurance and real estate dynasty, as part of a probe into alleged fraud. Investigators said the transfer order had been made by a company linked to Paolo and his father Salvatore Ligresti and that the money was destined for a Swiss bank account held by a Luxembourg company also connected to the family.

The Ligresti family is at the centre of a major fraud investigation involving the troubled Fonsai insurance group.

Salvatore, the family patriarch and former honorary chairman of Fonsai, Paolo and his sisters Giulia and Jonella are accused of corruption in the probe into alleged accounting fraud and market manipulation that enabled Ligresti to acquire illegal dividends of 200 million euros.

The Ligresti family are the former majority owners of the Fonsai and Milano Assicurazioni insurance companies.

They came under additional scrutiny last year because of allegations that former Justice Minister Anna Maria Cancelleri used her influence to see Giulia Ligresti released from jail into house arrest.

The then minister denied any wrongdoing, saying she had acted on humanitarian grounds as the woman suffered from anorexia and depression.