Is The Mafia Behind The Huge Haul Of Probably Phony Bonds In Italy?

So it looks like those Treasury bills discovered in the false bottom of a suitcase carried by two Japanese businessmen were probably counterfeit, and may be the handiwork of the Italian Mafia.

An Italian blog reported today that Colonel Rodolfo Mecarelli of the Como provincial finance police had said  the two men who were carrying the bonds had been released.  Now the Financial Times is reporting that  the bonds may have been faked by the Sicilian Mafia.

Last month Italian prosecutors cracked a $1 billion bond scam run buy the mafia. The size of this haul, however, has stunned officials.

“They are all fraudulent, it’s obvious. We don’t even have paper securities outstanding for that value,” Mckayla Braden, senior adviser for public affairs at the Bureau of Public Debt at the US Treasury department, tells the Financial Times. “This type of scam has been going on for years.”

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.