Monday, October 26, 2020

Italian police find €15 million “retirement fund” stashed inside a wall

-

Italian police discovered €15 million in banknotes stashed behind a false wall in an apartment in Milan, one of the biggest sums of cash ever seized in the country.

The money was packed into 28 cardboard boxes which were stacked behind a false wall in a flat belonging to the father of an alleged hashish trafficker, suspected of making millions importing the drugs from Morocco.

Investigators believe the huge amount of money had been amassed as a sort of retirement fund for Massimiliano Cauchi, and would have kept his family in comfort “for generations”, in the words of one of his collaborators.

Police received a tip-off from a “pentito” – a former criminal turned informer – that money could be hidden in the flat.

- Advertisement -

They compared the architectural plan of the apartment with its actual dimensions and found that one room was 40cm smaller than it should have been.

Using hammers, they hacked into the plaster and discovered the cardboard boxes stuffed with banknotes in denominations ranging from €50 to €500. Each box contained around €500,000.

Cauchi, 46, from Sicily, was under house arrest, awaiting trial for allegedly masterminding the import of more than 1,000kg of hashish from Morocco last October.

The drugs were hidden in a yacht that landed in the port of Rapallo near Genoa.

- Advertisement -

He had amassed the €15 million from past drug operations and had the false wall built in his father’s bedroom a couple of years ago.

Italian police and prosecutors have repeatedly warned that businesses that are struggling financially because of the coronavirus crisis are highly vulnerable to criminals who are awash with cash.

Loan-sharking is expected to increase dramatically, with organised crime offering loans to failing shops and restaurants on initially favourable terms.

But repayments are then set so high that the business owner cannot possibly pay, allowing mafia groups to take over the enterprise and use it as a front for laundering the proceeds of crime.

“The availability of these amounts of cash is highly destabilizing for the legal economic system,” said Francesco Greco, the chief prosecutor in Milan.

“We’re worried about usury because at a time of deep economic crisis like this, organised crime can buy up everything.”

Original article on telegraph

MUST READ

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Trial of bitcoin launderer Alexander Vinnik begins in Paris

The trial of a Russian man alleged to have used ransomware in a 135 million euros ($157 million) bitcoin fraud will begin Monday. Alexander Vinnik, who...

Judge orders billionaire Greg Lindberg to report to prison after conviction for bribery

Try as he might to extend his freedom, Durham businessman and convicted felon Greg Lindberg will become a federal inmate on Tuesday. Lindberg, the billionaire...

Spanish police arrests operator of Crypto Arbitrage firm Arbistar on fraud charges

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization...

Bribery trial of former San Angelo police chief Tim Vasquez delayed until 2021

The trial of former San Angelo police chief Tim Vasquez will not happen until 2021, according to court documents. The trial, originally set for...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks