Finnish police seize €1M in YIT shares amid fraud investigation

Finnish police have seized over one million euros worth of YIT shares from a millionaire heir suspected of aggravated financial crimes. The individual, a major shareholder in the construction company, is accused of conspiring with an Estonian lawyer to bypass inheritance restrictions through a fraudulent loan agreement.

The heir’s inheritance is subject to a testamentary condition preventing control of the assets until the age of 50. Authorities suspect the parties attempted to exploit a loophole allowing for the seizure of assets to gain early access to the wealth. The scheme allegedly involved a fake 1.29 million euro cash loan agreement signed in Helsinki, which the heir failed to repay, leading to legal proceedings and subsequent attempts to declare the heir bankrupt.