Odd 6.5mm Italian

I just got an odd looking 6.5mm Carcano round. It has a brass case and primer, and a typical raised-in-a-groove SMI 940 headstamp. However, it has a magnetic CNCS bullet with a profile more Swedish than Italian, and a segmented neck crimp instead of the standard 3 triangular neck stabs. Below are two views, the new odd one is on the right. Any thoughts or info appreciated.

Don’t know about the strange shape of the bullet, but a magnetic jacket and segmented crimp are standard features for a cartridge made in 1940 ( these features had been adopted ca 1938 ).

Is there a bulge on the neck?
What is the bullet diam?

The bullet diameter is 6.63mm. And yes, I didn’t notice it before, but there is a small bulge bit just above the shoulder. The case does not appear to be fired and reloaded, however. Did Italy receive bullets from Sweden? Did the Swedes load ammo on Italian cases for Finland?

Bullet diameter is far too small for an italian Carcano FMJ bullet. I agree with you, it is not italian, according to me.

We ( italian researchers) suspect that the rare italian Carcano match cartridges used Swedish bullets, but they were pointed ones and were loaded by Pirotecnico of Bologna in 1933 and 1934 only.

The bulge often comes out when you put a bullet into a Carcano case with the “step” inside the neck. The base of the bullet rests against this step and can’t enter inside the case.That step is at the end of the neck in ordinary cartridges, in the middle of the neck in frangible / short range cartridges and is absent in “mitraglia” loadings, where a smaller diameter bullet is used.
If the base of the bullet ( or not the proper bullet is used) passes this step, the result is a bulge on the neck.