4 People Have Been Charged In Nexo’s Money Laundering Case

Key Points:

• Four Bulgarians have been charged with involvement in an organized crime group for money laundering, tax and computer fraud, according to investigators probing into crypto lender Nexo.
• The defendants owned many valuable assets in Dubai and the Bahamas, including yachts.

On Friday, investigators working into crypto lender Nexo announced that four Bulgarian people had been charged with participating in an organized crime gang for money laundering, tax and computer fraud.

Bulgarian authorities announced on Thursday that they had opened an investigation into alleged unlawful activity by Nexo, raiding the lender’s office and 14 other locations in Sofia. Nexo stated following the raid on Thursday that the raided office was not consumer facing and solely performed back office activities. It stated that it has stringent anti-money laundering and know-your-customer policies in place.

The probe, according to Bulgaria’s senior prosecutor, began some months ago. Investigators were collaborating with their counterparts in the United States and the United Kingdom, and more than 20 people were questioned. They stated that they intended to conduct an audit of Nexo.

Two of the suspects were previously detained, while the other two were being sought. They had been operating in the United Kingdom, Switzerland, Bulgaria, and the Cayman Islands since 2018, according to officials. According to the prosecutors’ office, 300 detectives, police officers, and security officials were involved in the operation on Thursday, which was part of a pre-trial probe “aimed at neutralizing an illegal criminal activity” of Nexo.

On Friday, prosecutors said the defendants owned assets in Dubai and the Bahamas, including yachts. Investigators said one of the accused had seized 35 artworks, including paintings by Salvador Dali, Henri Matisse, and Pablo Picasso. According to Bulgarian prosecutors, the Nexo platform has handled $94 billion in transactions over the last five years.

Investigators stated that they had discovered a number of transactions on Nexo from people and firms subject to European Union sanctions against Russia, but did not provide further specifics. Nexo said in December that it would phase out its US products and services in the following months due to regulatory disagreements.

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