Troika laundromat

The scheme was discovered in a large set of transactions and other documents collected by OCCRP including 15min.lt. The scheme relied heavily on the now-defunct Lithuanian bank Ūkio Bankas, which hosted accounts for at least 35 of the shell companies. Troika Dialog "spun" money through multiple accounts to disguise its sources before transferring it to Ūkio Bankas, which facilitated further transfers. The investigation highlighted the brazen use of these funds, not only for financial concealment but also to purchase luxury assets and gain influence in high society across Europe. Erich Rebasso Between December 2006 and February 2008, Erich Rebasso, an Austrian lawyer used 150 individual transactions to send almost $96 million to laundromat accounts at Ūkio Bankas, a Lithuanian bank. Eventually, he stopped his involvement, but faced new troubles. When victims demanded repayment, Rebasso sought help from his Russian partners, but no assistance came. In 2008, Rebasso sent a letter to the main Vienna headquarters of the Federal Criminal Police, the country's top law enforcement agency. In his five-page letter he confess that he has been used for criminal purposes and is willing to submit the matter to the required criminal review. Sergei Magnitsky More than $130 million was transferred through the Troika Laundromat by companies involved in the fraud that Magnitsky uncovered. Sergei Magnitsky was detained in 2009 and died in custody after informing the authorities of the crime. == Scheme ==

A Russian investment bank named Troika Dialog (now known as Sberbank CIB) was established in the 1990s. In 2012, it was acquired by state-owned Sberbank. At least 75 companies were registered in tax haven British Virgin Islands by Troika Dialog. They were additionally incorporated under shell corporations in different tax havens. In total, over $4.8 billion was paid into Troika network, however the value of transactions between the companies managed by Troika Dialog was an estimated $8.8 billion, suggesting money was spun around for a number of cycles before exiting. In order to protect themselves, the organizers of this system used the identities of poor people • Austria’s Raiffeisen Bank International was accused of ignoring red flags, with $634 million transferred from Ūkio Bankas and Danske Bank’s Estonian unit. The bank’s shares dropped significantly after the revelations, prompting an internal investigation. • Dutch media, including Trouw and De Groene Amsterdammer, reported that hundreds of millions of euros passed through ING’s Moscow branch, while a former ABN Amro unit moved €190 million. Rabobank accounts received €43 million for a Dutch luxury yacht builder Heesen Yachts. • German bank Commerzbank was noted for neglecting AML obligations, though specific transaction details were less documented. Vardanyan has been listed by Forbes magazine as one of the richest persons in Russia. According to Vardanyan, who was mentioned by the OCCRP, his bank did not do anything improper and was run similarly to other investment banks at the time. He also stated that he "couldn't possibly know" about every transaction carried out on behalf of clients Vardanyan denied any wrongdoing and criticized the investigation as inaccurate and taken out of context. According to OCCRP, there is no evidence that he was investigated or charged in connection with the scheme.[https://www.occrp.org/en/project/the-troika-laundromat/ruben-vardanyan Data shows that shell company named Quantus sent nearly $500,000 to pay Vardanyan's credit card bills. Other than that, his wife and mother-in-law received 935,000 euros and 900,000 euros respectively. == Origins of money ==

OCCRP notes that at least money was of illegal origin. Sheremetyevo airport fuel fraud Sheremetyevo International Airport – the busiest airport in Moscow purchased fuel from a broad network of middlemen between 2003 and 2008, which greatly increased the price. Court records show that just in 2006 and 2007, phantom corporations made at least $200 million in pointless markups. The scam cost the Russian government approximately 1 billion rubles ($40 million) in missing tax income. The cost of fuel increased, which also increased the cost of airline tickets for the regular people. Magnitsky fraud The $230 million tax theft exposed by Magnitsky was partially laundered through the scheme, with $130 million traced to Laundromat accounts. The scheme enabled Russian elites to evade taxes, hide assets, and bypass restrictions, contributing to Russia’s wealth inequality, as noted by economist Thomas Piketty. == See also ==