One of Italy's most wanted men, who allegedly traded two stolen Van Gogh paintings on the black market, has been arrested in Dubai.
The force said they raided the residence of Raffaele Imperiale, 46, on July 30.
He is alleged to be a drugs kingpin of Naples' feared Camorra organised crime syndicate.
Valuables including cash and paintings were seized in the raid.
Imperiale had been using an alias and trying to hide his movements to remain "in the shadows", officers said.
On August 14, Dubai Police also arrested Imperiale's right-hand man, Raffaele Mauriello, 31, who they said was "responsible for plotting and executing murders and assassinations using unlicensed firearms".
Imperiale and Mauriello are wanted by Italian authorities and Interpol who have issued "red notices" against them.
Dubai Police said it apprehended Imperiale despite the fact he was impersonating someone else using a fake identity under the name of "Antonio Rocco".
Deliberate subterfuge
The force said he used different cars to hide his daily movements and lived in an isolated home to monitor those who approached him. He intentionally had avoided registering a precise address to mislead authorities and remain in the shadows, officers said.
Imperiale's residence was raided after he was placed under constant surveillance for a week. Officers also seized large sums of cash, luxury watches and valuables including paintings.
Artificial intelligence and Dubai's Oyoon (eyes) network of more than 300,000 security cameras helped the investigation.
The men's cases have been transferred to Dubai's Public Prosecution which which "determine the mechanism for their extradition".
Interpol said its network had helped secure the arrests.
“No matter how much wealth or power fugitives accumulate, or how far they travel, police work does not stop," said Interpol secretary general Jurgen Stock, welcoming the arrests.
"Cases such as this underline the power of international police cooperation via Interpol's global network more than ever."
Brig Jamal Al Jallaf, director of the Criminal Investigation Department at Dubai Police, praised the efforts of all investigating teams who were able to reveal the true identity of Imperiale.
Imperiale has been sought by Italy for alleged international drug trafficking since January 2016. Italy's Interior Ministry said he was considered one of the nation's "most dangerous and most wanted fugitives".
Imperiale was also wanted for money laundering, police said.
Stolen masterpieces
In 2016, two Van Gogh works, stolen from an Amsterdam museum, were found hidden in a farmhouse on property owned by Imperiale in the town of Castellammare di Stabia, near Naples.
“The wealth illicitly accumulated allowed him to buy on the black market two Van Gogh paintings of unquantifiable value,” Italian police said.
View of the Sea at Scheveningen (1882) and Congregation Leaving the Reformed Church in Nuenen (1884-1885) were stolen from the Van Gogh Museum in 2002.
Italian financial police found the paintings wrapped in cotton sheets, stuffed into a box and hidden behind a bathroom wall.
The artworks were discovered when police seized property from Imperiale and another reputed Camorra drug kingpin.
Police said Imperiale gave an interview to Naples newspaper Il Mattino this year in which he denied any involvement in the theft of the paintings and claimed he bought the works because he is a passionate art lover.
His arrest was a result of an investigation co-ordinated by Naples prosecutors and conducted by police officers and the financial police’s organised crime division in the city.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
UAE currency: the story behind the money in your pockets
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