EU anti-fraud agency reports more than €500m funds misused

More than half a billion euros of EU funds were misused in 2021, EU top fraud watchdog, OLAF, revealed on Wednesday in an annual report.

The anti-fraud agency reported 527 million euros (564 million dollars) was misused or misappropriated last year, an increase of nearly 234 million euros, compared to 2020.

OLAF is tasked with uncovering and preventing fraudulent activity with EU funds.

In 2021, the Brussels-based authority opened 234 new investigations while finishing 212 cases.

Investigations uncovered fraudsters attempts to target the European Union's flagship economic recovery fund for COVID-19, involving scams for software projects and more environmentally friendly aircraft.

OLAF also investigated fake offers of COVID-19 vaccines to EU member states, worth an estimated 16 billion euro amounting to 1.2 billion vaccine doses.

The EU fraud watchdog also prevented 437 million illicit cigarettes entering the European Union's market and helped national authorities confiscate a total of 372 tonnes of raw tobacco.