Italian police investigating $700 million super yacht rumored to belong to Vladimir Putin

Italian law enforcement officers are investigating a $700 million super yacht called 'The Scheherazade,' which is currently moored in the Italian port Marina di Carrara. The yacht is thought to possibly belong to Russian President Vladimir Putin.

The captain of the ship, British national Guy Bennett-Pearce, confirmed earlier this week that Italian investigators boarded the 459-foot yacht and demanded proof of ownership. 

Bennett-Pearce told the New York Times, "They are looking hard. They are looking at every aspect."

He would not reveal the owner of the yacht whose crew is at least 70% Russian. He was, however, given no choice but to hand over documents revealing the identity of the owner to the foreign law enforcement officers. 

Several Western countries have acted in recent days to seize the assets of Russian oligarchs connected to Putin, including a handful of impressive yachts anchored around the world. 

The Times reported that the investigating squad was led by the Italian financial police. 

The outlet also revealed that the yacht, named for the symphonic work by Russian composer Nikolai Rimsky-Korsakov and has for the last two summers sailed to Sochi, where Putin, according to rumor, owns a palatial residence.