Banca Progetto put into administration over 'mafia ties'
30/10/2024
Banca Progetto is a Milanese investment bank that has been placed under judicial administration due to its alleged involvement with mafia-linked businesses. Investigators found that the bank had granted over 10 million euros in loans to companies associated with the 'Ndrangheta, a notorious mafia organisation.
The bank’s operations were found to be opaque and questionable, with significant breaches of anti-money laundering regulations. This allowed the mafia-linked businesses to access public funds for years.
The investigation highlighted several operational shortfalls, including the bank’s failure to conduct proper checks on individuals under investigation for serious crimes or subject to restrictive measures. This situation has led to a paradox where state aid intended to support the economy ended up in the coffers of criminal syndicates.
Source:
(1) Merchant banks are put into administration over 'mafia ties' - https://www.ansa.it/english/news/2024/10/24/merchant-bank-put-into-administration-over-mafia-ties_1331e628-57c7-4999-a458-fb785e897338.html
(2) Loans for 10 million with public money to 'ndrangheta companies: https://www.unionesarda.it/en/italy/loans-for-10-million-with-public-money-to-39-ndrangheta-companies-banca-progetto-in-judicial-administration-l75lkrav
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