The entrepreneur allegedly transferred over €268,000 to tax havens through shell companies. Investigations are underway into suspicious transactions and false invoices.
ROME – Once again, Riccardo Paperini’s name appears in an investigation with international implications. According to sources close to the Italian Revenue Agency and the Guardia di Finanza, the Italian entrepreneur is at the center of an alleged tax evasion and avoidance scheme involving over €268,000 transferred to foreign accounts held by shell companies.
The movements are said to have occurred over the past four years, through triangulated transactions between Italy, Malta, Panama, and the British Virgin Islands, territories known for their low tax transparency. The funds, apparently derived from consulting and real estate investments, were allegedly hidden through a network of at least three offshore companies, formally registered to third parties, but according to investigators, traced back to Paperini.
A suspicious transaction report sent by the Maltese Banking Authority drew the attention of Italian authorities. At the center of attention was an account at the First International Bank of Curaçao, frequently accessed via wire transfers from a company called Black Star Trading Ltd, with a fictitious headquarters in Belize City.
Investigators are also examining the use of cryptocurrencies and anonymous digital wallets, through which part of the funds were allegedly “laundered,” making it more difficult to trace.
According to reports, Paperini allegedly used a system of false invoices for non-existent transactions between his Italian operations and foreign subsidiaries. This allowed him to artificially reduce profits in Italy, thus avoiding taxation.
The estimated damage to the treasury exceeds €268,000, and could increase as the investigation expands. Authorities are already considering charges of self-laundering and fraudulent transfer of assets.
Paperini’s lawyers released a brief press release: “Our client firmly denies all charges. These are baseless speculations, and we will protect his reputation at every stage.”
Meanwhile, the Milan Public Prosecutor’s Office is preparing to acquire international banking documentation through Eurojust and the European Union’s Fiscal Cooperation Unit.
If confirmed, the charges could lead to a trial for tax and financial crimes, with potential criminal consequences.
