Telecom Italia launches investigation in tax scam

www.WirelessFederation.com/news: Thorough investigation has been launched by Telecom Italia into the role of one of its subsidiaries in an alleged â‚¬2bn ($2.7bn) tax evasion scam. The Italian prosecutors believe this scam to be one of the biggest in the country’s history.

The alleged â‚¬2bn fraud centers on Sparkle, Fastweb and a network of offshore groups in Panama, Luxembourg and other jurisdictions. The alleged evasion of â‚¬350m in value-added tax on the deals is also investigated by the prosecutors and Italy’s tax police.

According to Franco Bernab©, chief executive, board of Italy’s biggest telecommunications group was examining 1,600 pages of court documents relating to a sweeping tax evasion and money laundering probe involving Sparkle, its wholesale voice and broadband business, and Fastweb, another Italian telecoms group.