More than $1.6 billion in assets were stripped from an Italian green energy tycoon today due to alleged mafia money laundering ties. Police seized Vito Nicastri’s assets; in a statement, they said the 57-year-old wind power entrepreneur was engaged in tax fraud.
Nicastri is currently under house arrest. Police seized 43 companies, 98 pieces of real estate, 66 bank accounts, credit cards, and investment funds from the entrepreneur. The 43 companies include wind farms and photovoltaic facilities. While Nicastri hasn’t been charged yet, Italian authorities allege the green power entrepreneur was laundering huge quantities of mafia funds through his various companies and properties.