Source: Apple Being Investigated For Tax Fraud in Italy

Allegedly hid $1.34 billion from officials

(Reuters) - U.S. tech giant Apple is under investigation in Milan for allegedly hiding more than 1 billion euros ($1.34 billion) from the Italian taxman, a judicial source with direct knowledge of the matter told Reuters, confirming a local media report.

"The Apple investigation is under way," the judicial source said on Wednesday, without giving details.

The Italian subsidiary of Apple was not immediately available for comment.

The maker of the iPhone is the latest prominent corporation to become the target of a tax probe in Italy amid a global crackdown on tax cheating by multinationals.