Italy, Luxembourg, San Marino - Oct 20

Italian police have uncovered a fraud estimated to have cost taxpayers €1.7 billion. Two businessmen are suspected to have set up the scheme, dating back to 2001 and involving over 62 people, which used false invoices to bill the state for non-existent services and shell companies to transfer funds to accounts in San Marino and Luxembourg. An operation of about 70 police officers have seized goods related to the crime worth €100 million, including 100 properties and two firms.

Sources: BBC, The Local