Milan

Businessmen arrested for trying to cheat industry ministry

Gained 3.4-million-euro grant for never-implemented project

Businessmen arrested for trying to cheat industry ministry

Milan, July 3 - Police on Wednesday arrested four Italian businessmen for allegedly defrauding the industry ministry in relation to a 3.4-million-euro grant. The four included Massimo Boldrocchi, a well-known Milanese electromechanics entrepreneur who has vast real-estate assets. The businessmen obtained the grant for a project for the waste-management sector that was never actually put into practice. As a result the ministry, which was meant to get 50% of the project's profits, allegedly lost over 1.2 million euros.

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