Komal Joshi · Oct 24, 2020 . 6min read
Australian Horse Racing Groups probed for OneCoin Crypto Scam
Australian racing officials are investigating Phoenix Thoroughbreds' operation for involvement in one of the crypto scams relating to OneCoin.
By Komal Joshi · Aug 31, 2020 . 6min read
Australian racing officials are investigating Phoenix Thoroughbreds operation. Its owner was inflicted in US court of being implicated in an international money-laundering scheme linked to a fake cryptocurrency. According to news reports, Racing NSW affirmed investigating Phoenix Thoroughbreds. Additionally, a second group, Racing Victoria, is in contact with international officials.
Reports have emerged about banning the Phoenix Thoroughbreds, which co-owns Australian group 1 winner Farnan from racing horses in France. It involves accusations related to money laundering. Thus, France banned it from racing horses. A prosecution witness claimed in a New York court that its Dubai-based owner Amer Abdulaziz Salman had siphoned $161 million in the OneCoin cryptocurrency scheme.
Phoenix later pulled out of racing in the UK. He further reaffirmed its long-term commitment to Australian racing, which Mr Abdulaziz defined as a cornerstone of the business. The operation possesses more than 100 horses in Australia. Moreover, it involves the currently retired two-time group 1 winning sprinter Loving Gaby. The latter clocked up $2.2 million in prize money. A Phoenix Thoroughbreds spokesman said that it was not involved in any criminal activity and will cooperate with the authorities. Additionally, the company appended its owner “acted according to the law at all times, and will vigorously contest all allegations of wrongdoing.”
Intricate Details of OneCoin Crypto Scam
OneCoin has characterized as one of the world’s biggest cryptocurrency scams. It fleeced approximately $7.2 billion from investors over Europe, Africa, and Australia. It assured investors that the virtual coins would rise in value. However, they could never cash them out. Moreover, one Australian victim squandered $100,000 in retirement funds.
Konstantin Ignatov, a prosecution witness, appearing in OneCoin lawyer Mark Scott’s criminal trial, told the New York Southern District Court in November that Mr Abdulaziz was one of the leading money launderers in the scam. Mr Ignatov elucidated that he got to know that Amer Abdulaziz laundered the money he stole to buy a lot of racing horses for more than 25 million euros. Mr Ignatov further said that the funds for the racehorses came from OneCoin’s investors.
OneCoin, which rolled out to be a $4 billion Ponzi scheme, is making its way through the courts. Lately, Konstantin Ignatov, brother of OneCoin founder Ruja Ignatova, admitted testifying against his sister. Additionally, Ignatov pointed out Abdulaziz Salman as a “money cleaner” for OneCoin’s money launderer Mark Scott.
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