A stash of jewellery valued at €1.2 million has been uncovered in a Madrid safe deposit box, triggering a fresh investigation into former Spanish Prime Minister Mariano Rajoy and his inner circle. Sources confirm the cache includes diamond-encrusted watches, gold bracelets, and pearl necklaces, with documents linking the assets to undisclosed payments from a consortium of Gulf state investors. The UK's National Crime Agency has been notified, following a request from Spanish prosecutors who suspect the luxury goods represent proceeds of bribery and money laundering.
The discovery comes after a three-year inquiry into Rajoy's tenure, which ended in 2018 amid a no-confidence vote. While Rajoy has denied any wrongdoing, the jewellery find has reignited public fury. The safe deposit box was registered to a shell company based in Gibraltar, and investigators are tracing its beneficial owners.
Sources close to the probe say the jewellery was purchased over a six-year period using funds allegedly funnelled through a network of offshore accounts in Panama and the British Virgin Islands. The NCA's involvement suggests that UK financial institutions may have been used to launder the proceeds. A senior anti-corruption officer in London described the case as 'complex and significant.'
Rajoy's lawyers dismissed the allegations as 'political theatrics,' but the evidence is mounting. The stash includes a Patek Philippe watch valued at £400,000 and a Cartier diamond necklace worth £250,000. The owners of the Gibraltar company are yet to be identified, but documents show transfers from accounts linked to a Spanish construction firm that won lucrative contracts during Rajoy's administration.
The UK's Crown Dependencies have long been criticised for their secrecy, and this case highlights the vulnerabilities in the system. A spokesperson for the Gibraltar Financial Services Commission said they are cooperating fully with Spanish and UK authorities.
If convicted, Rajoy could face up to 12 years in prison. The investigation is ongoing, and more arrests are expected. For now, the jewels sit in a police vault in Madrid, a glittering testament to the rot at the heart of Spanish politics.
