Spain’s former prime minister, Mariano Rajoy, is under investigation once more after a cache of jewellery worth €1.2 million was discovered in a safety deposit box linked to his family. Sources close to the probe confirm that the discovery was made during a routine audit of offshore holdings tied to a network of shell companies.
The find has triggered a new line of inquiry into potential undeclared assets and money laundering. UK anti-corruption officials are monitoring the case closely, as some of the transactions are believed to have passed through London-based accounts. This is not the first time Rajoy has faced scrutiny: his name has been tangled in the Gürtel corruption scandal, which brought down his government in 2018.
But this latest development suggests the trail of dirty money runs deeper than previously thought. The jewellery, including diamond-studded watches and gold necklaces, was found in a box registered to a company in Luxembourg. Documents uncovered by investigators show payments from a Spanish construction firm with ties to the former PM’s inner circle.
The firm won several public contracts during Rajoy’s tenure. Now, prosecutors are asking whether these were kickbacks disguised as gifts. The case has echoes of the ‘Malaya’ scandal in Marbella, where politicians and officials were convicted for laundering billions through property and luxury goods.
Rajoy has denied any wrongdoing, calling the allegations a ‘witch hunt’. But the evidence is stacking up. His former treasurer, Luis Bárcenas, is already serving time for corruption.
If the jewellery can be traced directly to Rajoy, it could mean prison for Spain’s ex-leader. The UK’s National Crime Agency is said to be ‘following developments with interest’. The NCA has ramped up its anti-corruption unit in recent years, targeting oligarchs and politicians moving money through the City.
A source told me: ‘The Brits are not just watching. They have their own lines of inquiry. The jewellery trail doesn’t end in Madrid.
’ This is a story about power and the arrogance of those who think they are above the law. A former PM hiding €1.2 million in trinkets while his country austerity measures.
We will keep digging.
