The Italian billionaire Silvio Scaglia turned himself in to police early Friday after flying by private jet from the Caribbean to face allegations concerning a money-laundering ring, his lawyer said. Mr. Scaglia, who founded Fastweb, Italy’s biggest telecommunications company after Telecom Italia, was led away by police after the jet from the Antilles islands touched down at Rome’s Ciampino airport just after midnight Thursday, according to his lawyer, Gildo Ursini.

Mr. Scaglia, who has denied any wrongdoing, spent the night in jail and was expected to be questioned on Saturday, he said.

Renowned as one of Italy’s richest men, Mr. Scaglia is among the 56 people who have been arrested by prosecutors in an investigation involving more than €2 billion, or $2.7 billion, that was allegedly laundered via fake international phone service purchases and sales from 2003 until 2006.

Italian police on Friday said they had seized a “treasure trove” of thousands of paintings, lithographs and sculptures in which some of the illicit gains from the racket were invested.

Mr. Scaglia was on a business trip when his arrest warrant was issued this week.

“I’m completely convinced that my behavior has been correct,” he said in a statement made earlier this week. He said he thought that he had cleared up the matter three years ago.

Fastweb and Sparkle, a unit of Telecom Italia, are both being investigated in the scandal that has sent shock waves through Italy’s political and industrial circles. Both companies deny any wrongdoing and say they are the damaged parties.

Fastweb’s share price continued to tumble on Friday, falling a further 2.6 percent to €13.44 in afternoon trade.

http://www.nytimes.com/2010/02/27/business/global/27sparkle.html