Sunday, November 1, 2020

German authorities raided businessman linked to Troika Laundromat

-

German authorities raided an import-export company and the home of a businessman in the state of Brandenburg on Tuesday on suspicion he was involved in a scheme to launder millions of euros (dollars) for Russian criminals, prosecutors said.

The suspect is accused of receiving some 7 million euros ($8.3 million) in illegally obtained money, laundering it in Germany and then transferring it to offshore accounts for “individuals from Russia,” the Frankfurt prosecutors office said.

The suspect, whose name wasn’t released, is alleged to have been part of the so-called “Troika Laundromat” – a money laundering network linked to the former Russian investment bank Troika Dialog, which is said to have maintained a network of offshore companies with accounts in Baltic banks, prosecutors said in a press release.

Federal German police have been investigating the network since the beginning of 2019, prosecutors said.

- Advertisement -

Authorities gave no further details on the investigation or the suspect, and prosecutors’ spokeswoman Nadja Niesen said she could not comment beyond the release.

German authorities have been cracking down on Russian money laundering schemes, and last year seized properties worth more than 40 million euros ($47 million) they alleged were purchased through another network, known as the Russian Laundromat.

That scheme, they said at the time, involved moving some $22 billion from Russia into Europe through banks in Moldova and Latvia using fictitious companies.

Much of what is publicly known of the laundromat operations comes from the Organized Crime and Corruption Reporting Project, whose journalists were also involved in the Panama Papers revelations, reporting how documents from a Panamanian law firm showed hundreds of rich and powerful people registered companies in tax havens.

- Advertisement -

The OCCRP, citing documents obtained by it and the Lithuanian news site 15min.lt, has reported that the main purpose of the Troika Laundromat was to channel billions of dollars out of Russia, allowing Russian oligarchs and politicians to secretly acquire shares in state-owned companies, buy property in Russia and abroad and more.

The Troika was made up of at least 75 companies in a complex financial web, which functioned from 2006 to early 2013, the OCCRP reported last year.

The Kremlin has dismissed the OCCRP reports as being untrue or distorted, and “nothing particularly novel.”

Original article on thetelegraph.com

MUST READ

Former Venezuelan national treasurer indicted in US for money laundering

Hugo Chávez’s former nurse has been charged with money laundering in a Miami federal court, accused of taking bribes from a billionaire media mogul...

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...

Two U.S. Navy service members get prison for defrauding military insurance program

Two U.S. Navy service members were sentenced in San Diego federal court Friday for their roles in an insurance fraud scheme that involved making false medical claims to...

Actress Felicity Huffman complete full sentence for role in college admissions scam

Felicity Huffman has completed her full sentence for her involvement in the college admissions scandal. As of Sunday, she has finished her sentence, which included jail...

Hudson County road inspector pleads guilty to bribery charges

A Hudson County official has pleaded guilty to one count of official misconduct after accepting cash to delete construction violations, according to the Hudson...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks