🛁 Argentina🇦🇷: a scheme involving public officials, third-party accounts, football and fictitious bets

🛁 Argentina🇦🇷: a scheme involving public officials, third-party accounts, football and fictitious bets

For two years, a scheme designed to launder money through betting operated in the Province of Buenos Aires (not to be confused with the Autonomous City of Buenos Aires). According to the investigation, the money was laundered through betting, rather than through revenue generated by betting. Prosecutors have so far identified more than USD 18 million.

➡️ An unexpected element: the investigation is ongoing, and three people have so far been detained. One of them is reportedly a sponsor of the Argentine Football Association (AFA).

➡️ The scheme:

➡️ An employee of the provincial authority responsible for assisting people released from prison used her position to identify individuals with criminal records who were in vulnerable financial situations or under judicial supervision. She offered them money in exchange for their personal and biometric data, after which they became nominal account holders on payment platforms such as Ualá, Mercado Pago and PayPal. Each account reportedly earned its holder approximately USD 53.

➡️ The small amounts passing through these accounts were used to make fictitious deposits on betting websites. These deposits subsequently generated fictitious winnings, turning the funds into apparently legitimate money that could then be used for further betting or investment.

➡️ The funds were then transferred to financial platforms, such as Sur Finanzas, converted into crypto assets, traded on so-called OTC markets, or channeled through transactions involving third parties.

➡️ A key weakness in the operation: the scheme operated for an extended period, but its organizers made Sur Finanzas one of their main channels, even though the platform had already attracted the attention of authorities due to several corruption scandals.

The investigation is ongoing, and further arrests or charges may follow.

#news #Argentina #fraud #crypto

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