VIP Diamond Scam: Assets Worth 34 Million Euros Seized

 A seizure of company shares and financial assets worth €34 million from a financial holding company, Magifin, and a diamond distribution company, Dpi, was executed this morning by officers from the Milan Provincial Command of the Guardia di Finanza as part of the investigation into an alleged massive fraud involving illicit profits of nearly €500 million and over 300 people defrauded, including, as previously revealed, VIP clients such as Vasco Rossi. The precautionary seizure was ordered by the investigating judge at the request of prosecutor Grazia Colacicco, who was in charge of the investigation, which was closed last October in anticipation of the request for trial against 87 individuals and seven companies, including the banks Banco BPM, UniCredit, Intesa Sanpaolo, MPS, and Banca Aletti. Approximately €700 million had already been seized in the past, including from banks. Among the victims were industrialist Diana Bracco, TV host Federica Panicucci, and former showgirl Simona Tagli. The seizures were carried out in Milan, Rome, and Ancona and were ordered following further investigations conducted by the Milan Economic and Financial Police Unit, which confirmed that the ownership of the financial holding company's shares, formally registered in the name of family members, belonged to one of the principal suspects, in order to hinder the identification of the source of the fraud's proceeds. The investigation has charged the crimes of aggravated fraud, self-laundering, use of money, goods, or assets of illicit origin, obstruction of the exercise of the functions of public supervisory authorities, and corruption between private individuals. The two companies that sold the diamonds are also among the legal entities under investigation under the law on the administrative liability of entities. According to the Prosecutor's Office's reconstruction, the diamonds were sold at prices inflated compared to their true value to hundreds of unsuspecting customers with the alleged complicity of the banks, who were allegedly repaid with various gifts. IDB, for example, allegedly gave "a series of gifts to the top management of Banco BPM and UniCredit." Specifically, the former (RPT: former) CEO of Banco BPM, Maurizio Faroni, one of the suspects (along with executives and branch managers of the banks involved and the former CEO of Banca Aletti, Maurizio Zancanaro), allegedly received "archaeological objects" as well as €150,000 in "donations" to a non-profit organization he presided over. It also emerged that IDB "participated several times," the documents state, "in the capital increases of Banco Popolare and UniCredit." Among those under investigation in the investigation, which was concluded in the fall, is Franco Novelli, a board member of IDB until May 2016. The position of entrepreneur Claudio Giacobazzi, who was CEO of Interamente Diamond Business in Milan (who committed suicide in May 2018), has been dropped.