What appeared to be a small family management company dealing in ferrous scrap and facing financial difficulties concealed a more complex scheme, according to authorities.

The investigation of finance in Concesio

the Brescia Guardia di Finanza uncovered a scheme where four family members allegedly delayed bankruptcy by reporting “inflated” credits while simultaneously engaging in systematic fraudulent bankruptcy conduct.

Fraudulent bankruptcy for almost two million euros

Investigations into the Concesio company revealed the depletion of company assets through repeated transfers totaling 1.9 million euros. These funds were initially moved to personal accounts and later to a separate entity, described as the “good company,” which continued the bankrupt company’s operations. This “good company” was then systematically drained of resources, with funds transferred to foreign accounts linked to the same individuals involved in the company under judicial liquidation.

“The investigations on the Concesio company led to the depletion of the company assets through repeated transfers for a total of 1.9 million euros…”

With the distracted money you buy the clock

Reportedly, approximately 160,000 euros of the diverted funds were used by one of the family members to purchase luxury goods, including cars and a clock. Additional funds were transferred abroad to othre personal accounts, leading to accusations of self-dealing.

Seizure for two million

The evidence gathered led the public prosecutor to investigate and obtain a preventive seizure order from the judge for preliminary investigations, totaling approximately 2 million euros. The seizure targeted both the current accounts of the “good company,” to prevent further fund transfers, and the current accounts and other movable and immovable property registered to the suspects.