The Swiss native Yves Bouvier, patron of the Natural Le Coultre group – a company specialised in the stocking and servicing of artworks – and the most important tenant of the Ports Francs Genevois, was placed in custody in Monaco on 25 February.
The art market specialist was accused of defrauding Russian billionaire and president of AS Monaco Dmitry Rybolovlev. Two alleged accomplices, a Swiss couple who currently reside in Monaco, have also been placed in custody, according to the AFP. The sum of the supposed fraud has not yet been specified.
However, according to the sources of the Swiss daily Le Temps, the fraud involved transactions that probably added up to hundreds of millions. Yves Bouvier has been accused of having defrauded art collectors by overestimating the prices of artworks in transactions in which he served as the intermediary.