The Guardia di Finanza have accused Paolo and Nicola Bulgari, chairman and vice president of the eponymous Italian fashion brand, and their associates, of evading $4 billion in tax payments and of fraudulent payment declarations.
The company is said to have fabricated non – existent companies in the Netherlands and Ireland in order to avoid paying the taxes.
However, Bulgari have insisted that the foreign companies are genuine and form an integral part of their operations.
The accusations come two months after the company was accused of tax evasion amounting to $91 million in a separate matter.
So far, $60 million worth of assets has been confiscated from the pair.
Bulgari remains ‘confident’ that all accusations will eventually be proven false.