Entrepreneur Flavio Briatore has had his 63m yacht — Force Blue — returned by Italian police.

The yacht was seized late last month over allegations of tax evasion — an action which caused alarm among owners planning to visit Italian waters during the summer season.

Two conditions are linked to the return — a €5m security deposit and a promise that the superyacht will not leave the Mediterranean region.

It is alleged £3.5m in tax and £680,000 in VAT (related to fuel purchases) had not been paid.

Briatore, however, denies the charges, arguing that Force Blue — which can be chartered for £215,0000 a week — is a commercial vessel that has earned more than €50m over the last four years. He told to the UK’s Daily Telegraph newspaper: “the police seem to think that the €50m was all for me.”

It is unknown if any further action is planned by Italian police who are currently investigating conflicting information about the actual ownership of the Cayman Islands-registered yacht.

If found guilty, Briatore could face six years in jail — or a multi-million euro fine.