Art Adviser Fraud Tops €60 Million

The fraud claim previously reported by artnet News against Helge Achenbach may be far larger than originally thought, the Handelsblatt reported in their Wednesday edition. The German art adviser was previously accused of defrauding the late Aldi supermarket heir Bertold Albrecht and his wife of at least €18 million in a 24 page complaint filed by Albrecht’s widow. But the number keeps on rising. The district court’s warrant against the 62-year-old now estimates the total at €60 million.

The sum of losses from the two known victims—Albrecht and pharmaceutical heir Christian Boehringer—lies around €31 million. It is unclear whether there are more victims that have yet to be named.

Achenbach has been held in custody for the past five weeks as investigations continue. One of Germany’s top art advisers, he is alleged to have defrauded both by altering purchase invoices for both pieces of art and vintage automobiles. His lawyer and family members have vehemently denied the allegations.