Italian telecoms billionaire turns himself in massive money-laundering case

Telecoms billionaire Silvio Scaglia turned himself in to police and was taken to prison Friday on his return to Italy, where he faced arrest for his alleged role in a massive money-laundering racket, his lawyer said.                                           

Scaglia, who founded No. 2 Italian telecoms company Fastweb, was led away by police after his private jet touched down in Rome's Ciampino airport just after midnight. He had flown in from the Antilles islands in the Caribbean.                                           

The telecoms whiz-kid, among Italy's richest men, is one of 56 people under arrest as part of a ring that prosecutors allege laundered more than 2 billion euros ($2.7 billion) via fictitious international phone service purchases and sales from 2003-06.  

Scaglia, on an overseas business trip when the arrest warrant against him was issued, has denied any wrongdoing and is expected to be questioned by Saturday.

Fastweb and Sparkle, a unit of Telecom Italia are both being investigated in the scandal, but deny any wrongdoing and have said they are the damaged parties in the scandal.