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Saturday 21 May 2011

Goldsmiths suspected in €500 million tax scam


04:23 |

An alleged tax fraud in Italy worth tens of millions of euros perpetrated by goldsmiths in northern Italy was uncovered by police in the the wealthy northeastern Veneto region.
Police on Thursday announced that nine people directly involved in the goldsmith industry and three others may face charges of falsifying 500 million euros in receipts enabling them to dodge 40 million euros in tax payments.
Suspects in the city of Vicenza doctored inventory records with the aim of not declaring the existence of around one tonne of high-quality gold, police said on Thursday.
During the probe, investigators say they also uncovered a 5 million-euro tax evasion scam linked to the sale of a luxury villa belonging to Russians in Porto Rotondo on the island of Sardinia.

 


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