The grandson of the former Fiat boss Gianni Agnelli faces charges of faking a kidnapping in New York.

Lapo Elkann is suspected of concocting the scheme to get ransom money after running out of money - according to reports quoting one source.

The 39-year-old reportedly claimed he was held against his will in a Manhattan apartment block last weekend.

The joint heir to Italy's biggest industrial dynasty is known in Italy for his flamboyant lifestyle.

He no longer holds any positions at Fiat. H…
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