Italian police arrest 2 Japanese smuggling $134 billion in bonds into Switzerland

Mon Jun 15, 7:41 AM

By The Associated Press

ROME - Italian authorities say they have arrested two Japanese men who allegedly tried to bring $134 billion (C96 billion) worth of undeclared U.S. bonds into Switzerland.

Anti-fraud police in Como, near the Swiss border, said Monday the men hid the bonds in the bottom of a suitcase. They were caught in Chiasso’s train station June 3 after an inspection.

Police said the two suspects were carrying a total of 259 bonds, including 10 with a value of $1 billion (C721 million) each and 249 with a value of $500 million (C357 million).

Police said they were checking whether the bonds are authentic. If they are found to be real, the two men could face a fine of C38 billion ($53 billion).