Sources confirm that former Spanish Prime Minister Mariano Rajoy is under renewed investigation over a €1.2 million jewellery collection, with UK anti-corruption authorities now monitoring the case. The probe, reopened by Spain's Anti-Corruption Prosecutor's Office, centres on undeclared gifts and suspicious transactions linked to a network of offshore accounts.
Documents obtained by this newsroom reveal that the jewellery, including diamond-encrusted watches and rare gemstones, was allegedly acquired through a shell company registered in Panama. The trail leads to a Madrid-based intermediary with ties to Odebrecht, the Brazilian construction giant at the heart of Latin America's biggest corruption scandal.
Rajoy, who served as prime minister from 2011 to 2018, has denied any wrongdoing. His lawyers claim the jewellery was inherited from a distant relative. But forensic accountants have identified inconsistencies in the timeline: the inheritance was registered two years after the purchase of a €400,000 necklace.
The UK's National Crime Agency confirmed it is 'liaising with Spanish authorities' over potential money laundering. One source described the case as 'a textbook example of how political power can be converted into portable wealth.'
Prosecutors are also examining a series of cash withdrawals from accounts linked to Rajoy's former chief of staff, who resigned in 2017 amid a separate campaign finance scandal. The withdrawals, totalling €270,000, were made in the months following the jewellery purchases.
This is not Rajoy's first brush with the law. In 2020, he was cleared of bribery charges in the Gürtel case, though his party, the Partido Popular, was found to have benefited from illegal funds. The new probe suggests that the Swiss bank accounts and off-the-books luxury assets may have survived the earlier investigation.
For UK anti-corruption experts, the case underscores the challenge of tracking assets across borders. 'The jewellery trail runs through London, Zurich and Dubai. It's a masterpiece of evasion,' said a former investigator who spoke on condition of anonymity.
The European Anti-Fraud Office has also flagged the case, citing concerns over EU funds that may have been diverted. Rajoy's government oversaw billions in EU structural funds during his tenure.
As the probe heats up, attention turns to the jewellery itself. A 12-carat diamond ring, valued at €500,000, was reportedly purchased at a Sotheby's auction in 2013. The buyer: a company registered in the British Virgin Islands. The beneficial owner: still unclear.
Rajoy's office did not respond to requests for comment. But one close aide warned that the investigation was 'politically motivated' by Spain's left-wing coalition government.
With UK authorities now in the loop, the case could test the limits of international cooperation. Extradition treaties remain a grey area. One thing is certain: the shine on this jewellery collection is beginning to fade.
