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ROME — One of Italy’s most celebrated playboys has been arrested in New York after allegedly faking his own kidnapping following a two-day drugs and alcohol bender with an escort.

Lapo Elkann, an heir to Italy’s Fiat empire, is suspected of faking the kidnap to squeeze money out of his family after he ran out of cash to buy drugs.

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The 39-year-old grandson of Gianni Agnelli, the celebrated patriarch of one of Italy’s richest families, was charged with falsely reporting an incident.

A New York police spokesman said Elkann had been released and the case would be dealt with in court.

Neither Elkann’s publicist nor the Agnelli family’s investment holding, Exor, wished to comment. Elkann is alleged to have called his family on the weekend, claiming he was being held against his will by someone who would harm him if he did not pay her US$10,000, reported U.S. media.

He had flown to New York last Thursday for Thanksgiving and reportedly went to the escort’s apartment in Manhattan, where the pair snorted cocaine and smoked marijuana for two days. He ran out of cash and became indebted to the escort after buying more drugs.