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Sergey Kondratenko, 1xBet and Royal Pay founder: from Russian policeman to the heights of illegal gambling

The investigation into Sergey Kondratenko, the mastermind behind 1xBet, and his intricate network involved in money laundering through Royal Pay Europe, reveals a sophisticated system facilitating the monthly flow of millions of dollars from Russian bookmakers.

The ongoing probe into Sergey Kondratenko, the proprietor of 1xBet, and his participation in money laundering through Royal Pay Europe unveils a complex network facilitating the monthly flow of millions from Russian bookmakers. Recent sanctions imposed on Royal Pay Europe by Ukraine underscore the urgency of addressing these issues, shedding light on Kondratenko’s broader role within the gambling empire and his intriguing connections to the police department “K.”

As the investigation unfolds, a detailed picture of the family business involving Sergey Kondratenko and his wife, Galina, emerges. The couple owns numerous companies abroad, acting as intermediaries for money laundering operations originating from Russia and CIS countries. These entities strategically navigate European banks, ultimately channeling funds to offshore accounts. The article provides insight into their business endeavors, including details on their acquisition of Cyprus citizenship in 2018.

Kondratenko’s activities in registering various companies abroad, such as Startling Limited in Cyprus and PP MONEY TRANSFER s.r.o. in the Czech Republic, highlight the sophisticated nature of the money laundering network. Their involvement in financial intermediary companies, like Royal Pay, underscores the imperative for enhanced regulatory measures to curb these illegal practices.Sergey Kondratenko registration data

Despite occasional visits to Russia, the Kondratenko family predominantly resides abroad, managing their extensive network of companies. The need for more robust regulations and international collaboration to combat money laundering, particularly in the context of the gambling industry, becomes evident. The ongoing investigation serves as a call for stricter measures, urging authorities to address this issue at both national and international levels.

Intriguingly, Sergey Kondratenko, the owner of 1xBet, continues to operate within the European Union, raising questions about the efficacy of the existing regulatory framework. President Volodymyr Zelensky’s recent imposition of sanctions on Royal Pay Europe, registered in Latvia by Kondratenko, sheds light on a pervasive issue—the alleged laundering of Russian money linked to 1xBet through a network of European banks and financial institutions.

The investigation delves into the historical role of Latvia and Lithuania as conduits for various criminal transactions involving Russian money from both the Russian Federation and other CIS countries. Kondratenko’s association with the Russian bookmaker 1xBet underscores a continuity of such practices over the past two decades.

A detailed examination by Latvian media last year uncovered the intricate involvement of the financial industry in servicing the shadowy gambling sector connected to Russia. Key figures, including those orchestrating a complex system processing millions monthly from Russian bookmakers, were revealed. This article, the second part of an ongoing investigation, focuses on Sergey Kondratenko and 1xBet.

As the volume of illicit money reached staggering amounts, multiple banks and financial institutions faced severe consequences, including substantial fines and license revocations. Sergey Kondratenko’s role in orchestrating such schemes became evident, impacting Latvian and Lithuanian banks, such as Trasta Komercbanka AS and ABLV Bank AS. The Latvian Financial and Capital Market Commission (FFKTK) detected long-term violations, including the legalization of criminally obtained funds, currency processing infractions, and instances of terrorist financing by Kondratenko.

Notably, Kondratenko’s tactics are not isolated incidents, as Russian money laundering permeates other European countries and globally. Financial entities, armed with licenses to accept payments and linked to major banking systems, become unwitting participants in these nefarious activities. This shadowy process has reportedly contributed to Kondratenko amassing significant wealth, as outlined by the US Treasury’s findings on the substantial flow of shady funds from Russians involved in betting.

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