Precious stones destined for Malta confiscated by Italian police

This week, Italian police busted a criminal organisation and confiscated precious stones, valued at €69 million, destined for Malta and Switzerland. 

The rubies, emeralds and sapphires destined for Malta and Switzerland were confiscated by Italian police in Turin following an operation which led to the arrest of eight people.

According to reports in the Italian press, the precious stones and real estate projects which were never constructed were used by the criminal organisation as collaterals to receive loans and credits which in turn were invested in tax havens.

The arraigned are accused of being part of an organisation specialised in smuggling, money laundering and transferring valuables ​​abroad.

The ‘Black Stone’ operation was launched following the discovery of large amounts of precious stones imported to Switzerland by two Italians.

Following further investigations a further six people were arrested and in total, the Italian authorities seized precious stones for an estimated value of €129 million, including ivory which was traded in breach of international conventions.