Shell companies, fictitious tax credits and money laundering: the "turnkey" scheme dismantled by the Guardia di Finanza between Rome and Latina

In short: on 22 October 2026 the Guardia di Finanza (Italian financial police) of Rome carried out seizures worth over 4.5 million euros in an investigation by the Velletri Public Prosecutor's Office into an association that, according to the prosecution, sold its clients false invoices and fictitious tax credits, then returned the tax saving to them in cash. 64 companies were involved, with false invoices for over 24 million. For those who must know their client, it is a catalogue of concrete signals: shell companies in construction, telephony and trade, credits for Southern Italy offset in F24 forms, nominees in money flows.

What happened?

The officers of the Rome provincial command, with the Nettuno Company, the "cash dog" canine units of the Fiumicino Group and the S.C.I.C.O. (Central Operational Service for Combating Organised Crime), executed a court order for real precautionary measures and preventive seizure, and several search warrants against 48 individuals and companies, in Lazio, Lombardy, Campania, Emilia-Romagna and Calabria. The investigation began in 2023.

The offences charged by the Velletri judicial authority are criminal association, fraudulent declaration through invoices for non-existent transactions, undue offsetting of tax credits, money laundering and self-laundering, and undue receipt of public funds. The proceedings are at the preliminary investigation stage: under the presumption of innocence, liability will be established only by a final conviction.

How the scheme worked, according to the prosecution

The press release describes it as a "turnkey" service offered to client companies and sole proprietorships, in four steps:

1. False invoices issued by shell companies formally active in construction, telephony and trade, with registered offices in the provinces of Rome, Latina, Cosenza, Milan and Naples.
2. "Cascading" money transfers through compliant nominees.
3. Cash return to the client of the tax saving, net of a commission for the "discounting service".
4. Fictitious tax credits, linked mainly to incentives for businesses and investments in the Mezzogiorno, used for offsetting in F24 forms to reduce real tax and social security debts.

In addition, for some suspects and their relatives, NASpI unemployment benefits of over 80,000 euros were received from INPS (National Social Security Institute) on the basis of fictitious employment relationships with the same shell companies.

The figures of the investigation

Item	Amount or number
Companies and sole proprietorships involved	64
False invoices issued	over 24 million euros
Tax evaded	over 4 million euros
Fictitious tax credits generated	nearly 23 million euros
Of which already offset in F24	about 1.5 million euros
Assets bought with the proceeds (property, cars, vintage motorcycles, a boat)	over 3.7 million euros
Assets seized under the order	over 4.5 million euros
Further seizures (9 properties, 32 cars and motorcycles, 5 machines)	over 3 million euros

During a search, 100,000 euros in cash were found hidden in a billiard table, along with jewellery and watches worth over 300,000 euros.

What signals would such a scheme leave?

The press release does not mention any professionals involved. But the mechanics described coincide with situations that an accountant or an AML officer can see from their own side:

• a supplier of the client in construction, telephony or trade with no visible structure, invoicing significant amounts;
• tax credits for investments in the Mezzogiorno appearing in F24 forms without documented investments;
• payments passing through accounts of several different people before reaching the recipient;
• employment relationships with supplier companies lacking visible activity, registered in the names of people close to the shareholders.

What to do if you have clients or suppliers with this profile

• Reconstruct who is behind the client's recurring suppliers, especially if new and in the sectors indicated: shareholders, directors, date of incorporation, registered office.
• Compare the credits being offset with the documentation of the investment that generates them, before affixing a visa or transmitting an F24.
• Document the risk assessment of the client if nominees or money flows between people without economic reason emerge.

The first check is knowing who owns and manages the business on the other side. The beneficial owner (€9.90) reconstructs from the Business Register the persons holding significant office or stakes; with the beneficial owner plus protests and insolvency proceedings (€14.90) you also see negative events. If the business is your client, the customer due diligence file (€49) puts the checklist, beneficial owner and report into a single PDF.

Sources

• Guardia di Finanza, "Sgominata associazione a delinquere dedita a frodi fiscali, riciclaggio, autoriciclaggio e indebite percezioni di erogazioni pubbliche" (Criminal association dedicated to tax fraud, money laundering, self-laundering and undue receipt of public funds dismantled), press release of 22 October 2026, accessed 24/10/2026