ROME, March 14 - RAPSI. Italian luxury product company Bulgari has been accused of massive tax evasion, Il Messaggero newspaper has reported.

Investigators say that starting in 2006 the company's top officials have concealed some 3 bln in revenue from Italian tax authorities.The scheme used dummy companies registered in the Netherlands and Ireland, which were set up to evade taxation in Italy.

Under a Rome court order on Thursday, Italy's Finance Guard officers confiscated company property and assets worth 46 million. Along with bank accounts and stocks, the financial police have also seized the prestigious Bulgari palazzo, located on Rome's Via Condotti street.

Brothers Paolo and Nicola Bulgari, the company's president and vice-president, respectively, are suspected of providing false information. The company's current boss Maurizio Valentini and his predecessor Francesco Trapani have been also detained in the probe.

Bulgari makes jewelry, perfume, beauty products, clothes, shoes and accessories. It also operates a renowned retail chain. It was reported that the French-based Moet Hennessy-Louis Vuitton, the world's leading luxury goods producer, is expected to acquire Bulgari S.p.A.