Cops bust fuel racketeering ring

(ANSA) - Ancona, July 31 - Finance police in the city of Ancona said Friday they busted a crime ring that perpetrated massive fraud in connection with the illegal sale of 24 million liters of fuel.
    Operation Caravan Petrol, which lasted a year, ended with the arrest of three suspects, another 15 individuals being placed under investigation, and the seizure of assets worth 8.6 million euros.
    These included 21 real estate units, seven vehicles and 70 bank accounts. Police say the crime ring set up dummy companies in the Abruzzo, Marche and Campania regions to fraudulently sell diesel and petrol.
    The dummy companies bought fuel from various Italian refineries - which turned out to be innocent of any charges - by pretending to be habitual foreign exporters in order to qualify for VAT tax exemptions.
    They then sold the fuel below cost to acquiescent companies operating petrol pumps along roads and highways. These in turn sold the fuel slightly below market, with their profit margins damaging the competition.
    Pumps in Abruzzo, Calabria, Campania, Lazio, Molise and Puglia regions are under investigation for their role in the illicit fuel trade.
    The suspects could face charges of racketeering with intent to commit tax fraud and aggravated fraud against the State.