THE world's richest man Bernard Arnault is being investigated for alleged money laundering with Russian oligarch Nikolai Sarkisov.
Cops are probing their involvement with properties in a luxury ski resort in the French Alps, described as a playground for the ultra-rich.
French authorities are leading the investigation but have yet to determine whether any crimes have been committed.
The pair were involved in a property deal involving several companies owned by Sarkisov, a loan to him from Arnault and an ultimate profit for the Russian oligarch of at least £1 million.
72-year-old billionaire Arnault is the boss of Moet Hennessy Louis Vuitton (LVMH), which owns a string of luxury goods brands.
The fashion and beauty empire is home to 70 brands including Louis Vuitton, Moet Hennessy, Fendi, Christian Dior, Givenchy, Bulgari, Tiffany & Co.
Arnault, who is married to pianist Helene Mercier-Arnault, is currently estimated to be worth more than £150 billion.
Sarkisov is an insurance tycoon, part-owner of Russian giant Reso-Garantia, thought to be worth just under £1 billion.
He is married to Ilona Kotelyukh, a social media influencer who has previously described Courchevel as "my oasis", The Times reports.
55-year-old Russian billionaire Sarkisov reportedly bought 14 properties from one seller five years ago, for around £14 million.
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The housing units were sold in a complicated deal which involved companies based in Cyprus and Luxembourg as well as France.
Despite being the suspected buyer, his name is nowhere to be seen on books of the company that bought the property.
The company owned by Sarkisov, La Fleche, later bought three more units from a second business which also belonged to him.
The Russian oligarch pocketed a profit of around £1 million from the deal, Le Monde reports.
French fashion tycoon Arnault reportedly lent Sarkisov almost £16 million for the deal.
He then bought La Fleche, effectively becoming the owner of the entire property portfolio.
The ownership change could have been designed to "hide the exact origin on the funds", Le Monde reported French inquiries as saying.
The Tracfin financial intelligence unit believe Sarkisov made almost £2 million from the deal.
They are investigating the pair's involvement with property in luxury French Alps resort Courchevel.
A spokesperson reportedly said that deals were "carried out with the strictest observance of the law".
Sources close to Sarkisov also reportedly said the profits he made were "just a few hundred of thousands of euros".
They also said that he was not personally involved in the deal.
72-year-old billionaire Arnault is the boss of Moet Hennessy Louis Vuitton (LVMH), and was named as the world's richest man by Forbes this year.
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He apparently has a special connection to the luxury French resort after learning to ski there as a child.
He also owns a mansion and a luxury hotel in the area dubbed a "playground for the super-rich".
He has five children with his wife Helene, and all work across LVMH.
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The Sarkisovs also have a history with the resort, where bottles of wine can cost almost £40,000.
The pair reportedly deny any wrongdoing.
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