Maltese company under investigation in Italy over alleged ‘cash-for-gold’ racket
63 kgs of gold and 450 kg of silver, seized in raids in 11 Italian regions by tax police who are now focusing their attention on the role of a Maltese company, which allegedly served as a front for a ‘cash-for-gold’ racket.
8 November 2012, 12:00am
Karl Stagno-Navarra
Karl Stagno-Navarra
1 min read
An officer from Italy's Guardia di Finanza displaying some of the gold and cash seized in the raids
Italy's 'Guardia di Finanza' (tax police) announced this morning that they have launched an investigation into the role of a Maltese company, which allegedly served as a front to launder large quantities of money generated from a so called 'cash-for-gold' racket.
During a press conference at the Guardia di Finanza's headquarter's in Rome this morning, investigators announced the seizure of 63 kgs of pure gold ingots, 20 kgs of jewellery, and 450 kgs of silver bars, which were found in raids across 11 regions.
The gold and silver was seized in connection to the investigation, which also discovered at least five cars, which were modified with false bottoms to conceal the precious metals.
More details about the investigations were expected to be given during another press conference in the city of Arezzo, Umbria, where police seized a villa, which was bought by the Maltese company.
According to investigators, the villa was transformed into a 'Fort Knox' where the gold and silver would arrive from all over Italy, including Malta, and sellers given cash for their consignments.
