According to Agence France-Presse, the competent authorities have put their hands on 5 apartments and 6 life insurance policies, bank accounts, and various valuable possessions, including luxury watches and paintings bearing the signatures of prominent painters like Kde Cherico, all owned by the 72-year-old businessman. He lives near Modena in Emilia-Romagna in northern Italy.
The Financial Police investigation revealed the big gap between the income that the man had been declaring to the tax authorities over the past 40 years, and the valuable assets that he had accumulated, and some of them were registered in the name of his wife or son in order to mislead, noting that the revenues that he was declaring were indicating that he was on the poverty line.
The difference between declared income and actual wealth amounts to 7 million euros, while the man owes the tax authorities more than 12 million euros.
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