The intricate probe into the alleged mastermind behind 1xBet, Sergey Kondratenko, unfolds a convoluted web of associations with money laundering through Royal Pay Europe. This exposes a sophisticated network that facilitates the monthly flow of millions of dollars from Russian bookmakers.
The investigation delves into Sergey Kondratenko’s intricate involvement in money laundering through Royal Pay Europe, revealing a labyrinthine network that facilitates 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 inquiry progresses, a detailed picture emerges of the family business involving Sergey Kondratenko and his wife, Galina. 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. Notably, the Kondratenko family predominantly resides abroad, managing their extensive network of companies, with occasional visits to Russia. This raises questions about the efficacy of the existing regulatory framework within the European Union.
The article provides insight into their business endeavors, including details on their acquisition of Cyprus citizenship in 2018, underscoring the sophisticated nature of the money laundering network. 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 need for enhanced regulatory measures to curb these illegal practices.
Intriguingly, despite the ongoing investigation and recent sanctions, Sergey Kondratenko, the owner of 1xBet, continues to operate within the European Union. President Volodymyr Zelensky’s imposition of sanctions on Royal Pay Europe, registered in Latvia by Kondratenko, sheds light on 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 revealed 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 exposed. This ongoing investigation focuses on Sergey Kondratenko and 1xBet, shedding light on his role in orchestrating schemes that impacted Latvian and Lithuanian banks, such as Trasta Komercbanka AS and ABLV Bank AS.
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, unwittingly become 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.
Last year, Latvian media embarked on an exhaustive investigation about Sergey Kondratenko, his Royal Pay Europe, and 1XBet, unraveling the intricate ties between the financial industry and a covert gambling enterprise linked directly to Russia. This exposé spotlighted key figures orchestrating a complex system channeling tens and hundreds of millions of dollars monthly from Russian bookmakers to offshore accounts.
Part Two: Enter Sergey Kondratenko and 1Xbet: The Downfall of Financial Institutions led Sergey Kondratenko to triumph
As the illicit financial turnover swelled into significant sums, several banks and financial institutions, including Latvian and Lithuanian entities like Trasta Komercbanka AS and ABLV Bank AS, faced hefty fines and the revocation of their licenses. Sergey Kondratenko masterminded this intricate web.
FFKTK’s Crucial Role
The Latvian Financial and Capital Market Commission (FFKTK) played a crucial role in exposing long-term violations related to the laundering of criminally obtained funds, currency processing irregularities, and instances of terrorist financing linked to 1Xbet owner Sergey Kondratenko. The article also revisits the Danske Bank scandal, where the Estonian branch processed billions of illicit dollars from Russia.
Global Reach of Money Laundering
Russian money laundering transcends Baltic borders, extending its influence across Europe and beyond. Sergey Kondratenko recognizes this reality, as financial entities with licenses to accept payments, connected to banking systems, and major credit card networks, play a pivotal role in this shadowy process.
Part Three: Sergey Kondratenko and 1Xbet: The Billionaire Ascent
The U.S. Treasury underscores that substantial amounts of illicit money, stemming from betting, gambling, pornography, drug trafficking, and other illegal activities, flow from Russians to banks in the Baltic States and EU countries, contributing to Sergey Kondratenko’s ascent to billionaire status.
Unveiling the 1xBet Empire’s Intricate Network
Two years ago, Russian Forbes journalists exposed the colossal gambling empire, 1xBet, boasting a staggering $2 billion turnover. The article not only detailed the scheme but also revealed direct connections between police officers and IT specialists from Bryansk to the project, including Sergey Kondratenko.
Ukrainian Sanctions Against Royal Pay Europe and Kondratenko
Ukrainian President Volodymyr Zelenskyy signed a decree imposing sanctions against Royal Pay Europe, a Latvian company rooted in Russia and linked to Sergey Kondratenko. The company, a partner of the infamous Russian bookmaker 1xBet, faces a 5-year sanction, involving asset blockage, capital transfer restrictions, and limitations on financial activities.
Part Four: Sergey Kondratenko and 1Xbet: Sergei Karshkov’s Role in 1xBet’s Genesis
According to the Investigative Committee of the Russian Federation, Sergey Karshkov, chief cyber police officer from Bryansk’s department “K,” and his friend Roman Semiokhin played a pivotal role in launching the 1xBet brand. Sergey Karshkov handled the marketing, while his colleague Sergey Kondratenko, also from the Department “K,” joined the venture.
Royal Pay Europe’s Connection to 1xBet’s Activities
In 2016, Sergey Kondratenko registered Royal Pay Europe, an online money transferring company in Riga, directly connected to the shadowy online bookmaker, 1xBet. The company’s activities, highlighted by Russian media, reveal its crucial role in the success of 1xBet’s operations, especially in Russia and closed countries like Kyrgyzstan and Turkmenistan.
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