Criscito, who prosecutors allege was photographed in a restaurant with match-fixing suspects while still a Genoa player in 2011, told reporters: "I have nothing to do with this. I was only out for dinner with some Genoa fans."
Coach Cesare Prandelli was in the process of whittling his 32-man squad down to 25 when police arrived.
"I am not taking Criscito because he would have been under pressure which no human being can bear," Prandelli told a news conference.
"The other reason is that he could have been summoned by the prosecutor at any moment, before a match."
Prandelli also cut Emiliano Viviano, Marco Verratti, Davide Astori, Salvatore Bocchetti, Luca Cigarini and Ezequiel Schelotto from his Euro squad with two more names to follow before UEFA's Tuesday midday deadline.
"I have talked with Bonucci, he has already been heard by prosecutors in Bari. He is calm and so are we," Prandelli added.
"At the moment he has not received any communication. If Bonucci is OK, he will be in the list of 23 for the Euros."
