Phoenix Fund Investments Linked to The OneCoin Money Laundering Scheme, Stole $110 Million
OneCoin was recently charged with fraud and money laundering. The founder’s brother, Dr. Rija Ignatova, admitted guilt to the charges and also accused Phoenix Thoroughbreds of being funded using the money laundered through OneCoin. Ignatova claims that the racehorse investment company Phoenix received $110 million from the OneCoin scam.
Phoenix Thoroughbred’s founder Amer Abudlaziz, however, denied the allegations against his company, saying it was not funded using money stolen through the OneCoin scheme. Contrary to Abdulaziz’s claims, the federal government has reported that Phoenix Thoroughbred received $110 million through an unnamed account with an Irish bank from OneCoin back in 2017.
It was also confirmed that the said account was used by Mark Scott, a former advocate, to launder money for OneCoin. The lawyer was found guilty and convicted for fraud and money laundering last week and stands to serve 50 years in federal prison.
According to a statement report released recently, Phoenix Fund Investments has denied the allegations brought against it and the founder Mr. Abdulaziz during the criminal proceedings against OneCoin. The company is determined to defend itself in a court of law and prove it was not linked to the fraud scam in any manner. The fund claims that Abdulaziz and his company have always acted in accordance with the stipulates of the law and is ready to contest the allegations.
There have also been allegations that the company misrepresented itself by saying it is a regulated thoroughbred fund while it is actually not regulated according to Racing Post. It is also held that the firm has not been operating as an investment fund despite it claiming to be one.
Recently, Phoenix Fund Investments entered into voluntary liquidation. It is not clear yet whether the liquidation decision is due to the recent allegations of money laundering in connection to the OneCoin scheme or otherwise.
The British Horseracing Authority has issued a statement to the Irish authorities confirming that it is aware of the case and already working on it with the aid of relevant authorities.