Smugglers Caught Sneaking $134B in Bonds Out of Italy

By Drew Nelles, Newser Staff

Posted Jun 12, 2009 3:57 PM CDT

(Newser) – Two Japanese citizens were detained last week after allegedly trying to take $134 billion in undeclared US bonds from Italy to Switzerland, Bloomberg reports. Both countries are investigating the incident. “Italian authorities are in the midst of the investigation, and haven’t yet confirmed the details, including whether they are Japanese citizens or not,” a Japanese official says.

Italian police apparently found the bonds, including 249 certificates worth $500 million apiece, hidden in the bottom of the suspects’ luggage on a train near the Swiss border. If the bonds are real, the suspects could be fined up to 40% of their value for trying to sneak them out of the country.

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Italian police detained two would-be securities smugglers, Bloomberg reports. (Shutterstock)

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Italian authorities are in the midst of the investigation, and haven’t yet confirmed the details, including whether they are Japanese citizens or not. Our consulate in Milan is continuing efforts to confirm the reports. - official spokesman Takeshi Akamatsu

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