(Bloomberg) -- Top managers at Edenred SE’s Italy unit are under investigation by Rome-based prosecutors for alleged aggravated fraud, bid-rigging and administrative offenses, according to people familiar with the matter.

As part of their probe into the local activities of the French catering and services company, Italy’s finance police have seized about €20 million ($21.6 million), according to the people.

A statement from the prosecutors on Monday cited “crimes of fraud against the state” linked to a meal voucher services tender worth €1.3 billion, without naming the company involved. 

Shares of Edenred fell as much as 12% in Paris, hitting their lowest level since March 2020.

Edenred said in a statement Wednesday that authorities have opened an investigation into its Italian unit and some of its directors and officers in relation to a 2019 tender.

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