Two Japanese citizens arrested for carrying $134 billion of bonds

A report by an Italian daily said that the two Japanese citizens were carrying 249 U.S. Treasury bonds worth $500 million and 10 Kennedy bonds and other US government securities worth a billion dollars each.

The two individuals were searched and detained on 3 June on suspicion of attempting to take a large amount of securities out of Italy without declaring it.

The bonds in question were discovered hidden at the bottom of a suitcase, in a closed section separated from the part of the bag containing personal items.

The men were also found carrying a large number of original bank documents.

The authorities are currently investigating the identity and origin of the bonds and the bank documents.

According to Italian law a maximum of 10,000 euros per person can be imported or exported without being declared. As much as 40 per cent of any money seized under the law can be taken by the authorities as a penalty.

Should the certificates be found to be real the fine incurred would be US$ 38 billion and would help Italy reduce its public debt. Should they be found to be fake the men could be imprisoned for fraud.

The US Embassy in Rome has been informed of the arrests.

Takeshi Akamatsu, a spokesman for the Japanese Ministry of Foreign Affairs said, "Italian authorities are in the midst of the investigation, and haven't yet confirmed the details, including whether they are Japanese citizens or not," reports Bloomberg.