Swiss Authorities Uncover Huge Gold Smuggling Operation

(MENAFN- Swissinfo) Swiss customs officers have uncovered a multi-million-franc gold smuggling operation between Italy and Switzerland. A 65-year-old Italian man is accused of smuggling and selling the precious metal in the Alpine country.

This content was published on February 13, 2025 - 13:30 2 minutes Keystone-SDA

• Français fr Démantèlement d'un trafic d'or vers la Suisse à plusieurs millions Original Read more: Démantèlement d'un trafic d'or vers la Suisse à plusieurs million

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The Federal Office of Customs and Border Security, in collaboration with the German, Italian and Liechtenstein authorities, successfully dismantled the smuggling organisation, the office wrote on Thursday. Around CHF25 million in royalties were diverted from the Swiss government's coffers, it said.

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The gold was purchased in Italy, circumventing Italian regulations on the trade in precious metals and tax provisions. Between 2016 and 2021, it was illegally imported into Switzerland, hidden on board vehicles, for example in the dashboard, fuel tank or seat. The gold was then resold in Switzerland

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The Swiss office has filed a legal complaint with the Ticino cantonal criminal court against a 65-year-old Italian man who led the operation. He is charged with aggravated fraud in the area of ​​contributions, aggravated tax evasion (VAT), aggravated customs offences and non-compliance with the law on the control of precious metals.

In the indictment, the office proposed a suspended sentence of three years and a fine of at least CHF500,000 francs. A ban on entering Switzerland for at least ten years was also requested. The presumption of innocence prevails until a final judgment is handed down.

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Translated from French by DeepL/sb

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