Olympic cycling gold medalist Paolo Bettini has been placed under investigation for alleged tax evasion in Italy.

Ernesto Ceccarelli, an official with the tax police in the Tuscan town of Livorno, says the now-retired Bettini is suspected of evading taxes on nearly $16.6 million.

Ceccarelli said investigators believe Bettini fictitiously transferred his residence to Monte Carlo, though he continues to live in Italy, to avoid taxes.

Bettini is a two-time world champion and won gold at the 2004 Athens Olympics.

Bettini said he knew about the inquiry but not the amount. He said he would "clear everything up at the appropriate time."