MILAN – Italian tax police said they are seizing assets worth 1.29 billion euros ($1.5 billion) from a Luxembourg-based holding company's shares in spirits maker Campari Group as part of a fraud investigation.

Luxembourg-based Lagfin is the controlling shareholder of Campari, which was founded in 1860 and is one of the largest players in the premium spirits industry.

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A judge in Monza, northeast of Milan, approved the seizure order, which police described as precautionary as they look into allegations of tax evasion. The investigation began with a tax audit following a merger in which Lagfin absorbed its Italian subsidiary.

Lagfin said in a statement Friday that the investigation “is connected to a tax dispute that started approximately two years ago and that has nev

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