Good analysis. Seems crazy that they'd smuggle them to Switzerland with Singapore and Honk Kong so nearby. Nobody in Europe has that kind of liquidity except governments.
image from http://www.marketskeptics.com/2009/06/italy-seizes-135-billion-treasury-bonds.html
Interestingly, the site reports (among other interesting tidbits) a virtual news blackout of the topic in mainland China.
It does not make logical sense to me that they would be fake. The denominations are too large for that imho.