Flavio Briatore's yacht Force Blue was boarded by police in 2010 © Sutton Images Enlarge

Flavio Briatore is again in hot water after it was revealed Italian authorities have seized €1.5 million from his European bank accounts.

Reports in the Italian media, including La Repubblica, said the financial police seized the money from accounts in Italy and Monaco, claiming it was the proceeds of tax fraud.

In 2010, his luxury boat Force Blue was boarded and seized by Italian authorities on suspicion of improper registration as a charter.

Investigators allege Briatore and his family were the sole users of the boat and using the false registration as a tax break.

Italian media sources say Briatore is currently staying at his coastal resort Lion in the Sun in Kenya with his wife Elisabetta and their young son.

© ESPN Sports Media Ltd.