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Foul-Mouthed Tycoon's Italian Home Raided in £850M Fraud Probe
1 Feb
Summary
- Italian police raided Christopher Downing's Venice home.
- The investigation concerns the collapse of the £850 million Home REIT fund.
- Downing controversially compared his negotiation tactics to a rapist.
Italian financial police recently raided the Venice residence of Christopher Downing, a prominent property developer implicated in the collapse of the £850 million Home REIT fund. Officers spent approximately five hours at the property, seizing electronic devices and documents as part of a fraud investigation. This action occurred concurrently with raids and arrests made by the UK's Serious Fraud Office, which is investigating alleged bribery and fraud related to Home REIT's former management.
Downing, who sold a significant portion of Home REIT's property portfolio through his firm Karla, has cultivated a reputation for ruthlessness. He once described his property acquisition strategy with a controversial analogy, comparing his negotiation tactics to those of a rapist. He also spoke of the profits funding an "outrageous lifestyle." In 2023, Downing refuted accusations, stating he sold properties at Local Housing Allowance rates, with valuations conducted by Knight Frank as instructed by Home REIT.
The property in question, located on the Venetian lagoon and reportedly valued at €500,000, was purchased by Downing in 2020. Local residents have observed his presence throughout the year, noting his collection of luxury cars. The Italian police did not officially comment on the operation, and no arrests were made in Italy.
