An Italian judge has ordered the seizure of nearly €75 million ($84 million) in assets from five individuals, including John Elkann, chairman of Stellantis and Ferrari, along with two of his siblings. The action is part of an ongoing investigation into alleged tax fraud tied to the inheritance of their grandmother, Marella Caracciolo.

Prosecutors in Turin accuse the Elkanns of failing to pay Italian taxes on assets inherited after Caracciolo’s death in 2019. The case is further complicated by a broader family dispute between the Elkanns and their mother, Margherita, over the estate of Gianni Agnelli, the late Fiat tycoon.

The investigation argues that Caracciolo was an Italian resident, not Swiss, since at least 2010, making her estate subject to Italian tax laws. Prosecutors allege that claims of her Swiss residency were part of a scheme to hide substantial assets and income from Italian authorities.

Lawyers for the Elkanns deny any wrongdoing, describing the asset seizure as a procedural step with no implication of guilt. They assert that Caracciolo had lived in Switzerland since the early 1970s and remained a resident there until her death.

Alongside the Elkanns, the court has also targeted assets belonging to John Elkann’s accountant and the Swiss notary who acted as the estate’s executor.

This high-profile case has garnered significant attention in Italy due to the Elkanns’ prominence in the business world. Its outcome could have wide-ranging consequences for the family and their corporate interests.