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.
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Wasn't there a news item, about 2 months back, concerning one of these "gold buying" dealers involved in recycling €500,000 of stolen gold under investigation? What happened? Did someone buy a carpet?
Jason Xuereb •
Possibbli li hawn Malta qatt ma gie hsieb go xi mohh ta' Awtorita' li qed isir dan il hasil ta' flus hawn ukoll? Minn jiehu dettalji ta' minn ikun qed ibiegh id-deheb? X'records jinzammu minn min jixtri? X'investigazzjonijiet qatt saru f'dan ir-rigward? Din bhal tad-drogi, meta jigu arrestati il-"mules" u rari nisimghu li tressqu importaturi ghand min kienu sejrin dawn id-drogi biex jigu ttraffikati.
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Very convenient for "We buy Gold" shops to buy Gold without paying VAT!
