Eike Batista, Once Brazil’s Richest Man, Accused of Money Laundering Using Cryptocurrencies


Operation Midas takes off nabbing former billionaire, Eike Batista, for money laundering using Bitcoin trading.

Once Brazil’s richest man, the fall from grace is remarkable for the former billionaire, Eike Batista, who is once again temporarily arrested – this time for suspicion of money laundering and manipulation of capital markets.

According to Fohla de Paulo, a Brazil publication, the businessman was held temporarily by the Federal Prosecutor’s office on suspicion of money laundering using cryptocurrency. Receipts of trades from an exchange were retrieved showing the businessman completing trades on behalf of his wife, Flavia Sampaio.

The federal office is however not investigating the wife of the suspect at the moment, focusing on Batista who is suspect to

“using the wife's name and account to ensure concealment of the products or proceeds of crime.”

https://f.i.uol.com.br/fotografia/2019/08/08/15652746635d4c322790d3b_1565274663_3x2_md.jpg

Eike Batista is accused of money laundering through Bitcoins using his wife's, Flavia Sampaio, cryptocurrency exchange accounts (Image: Reuters)

According to the Federal Prosecution Service, the businessman and one of his employees, Luis Andrade Correia, are accused of using a fake Plass company to buy and sell shares underground in a bid to manipulate the value of the corporate assets.

The Judge presiding the case stated that the former billionaire and his partner made illegal trades amounting to $800 million USD. Furthermore, the trades made on the Toronto Stock Exchange saw the two commit fraud in relation to laws in the state and federal government authorities – MMX, MPX and OGX.

Money Laundering On Cryptocurrency Exchanges

The authorities in Brazil are taking a strong stand against money laundering and illicit trading on cryptocurrency exchanges. Recently, the federal district criminal court asked for three cryptocurrency exchanges to provide the statements of trade completed following evidence of trades completed by suspects in the major anti-corruption Petrobras case.

The issue of money laundering across the cryptocurrency industry is becoming a global concern with more countries placing tougher rules on those caught on the act. On August 5th, Thailand’s ant money laundering office announced they will be introducing AML laws on the crypto industry in the coming future.

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