The Troika Laundromat

Credit: OCCRP

Laundromats are complex systems for moving money that allow corrupt politicians, organized crime figures, and wealthy business people to secretly invest their ill-gotten millions, launder money, evade taxes, and fulfill other goals.

OCCRP has previously exposed three such schemes: The Proxy Platform, the Russian Laundromat, and the Azerbaijani Laundromat.

Now, OCCRP and its reporting partners reveal a unique new Laundromat, created by a prestigious financial institution. This time, the work shows not only its beneficiaries but also exposes its mastermind and operator — Troika Dialog, once Russia’s largest private investment bank.

The scheme was discovered in a large set of banking transactions and other documents obtained by OCCRP and the Lithuanian news site 15min.lt. The data, which was compiled from multiple sources, represents one of the largest releases of banking information ever, involving some 1.3 million leaked transactions from 238,000 companies.

The main purpose of the system we’ve named the Troika Laundromat was to channel billions of dollars out of Russia. But it was much more than a money laundering system: The Laundromat allowed Russian oligarchs and politicians to secretly acquire shares in state-owned companies, to buy real estate both in Russia and abroad, to purchase luxury yachts, to hire music superstars for private parties, to pay medical bills, and much more.

To protect themselves, the wealthy people behind this system used the identities of poor people as unwitting signatories in the secretive offshore companies that ran the system.

Read on below for the details.

THE BIG PICTURE

Vast Offshore Network Moved Billions With Help From Major Russian Bank

One of the largest-ever leaks of banking records and related documents reveals an $8.8 billion network of offshore companies that allowed corrupt politicians and criminals to secretly launder money, evade taxes, and hide assets abroad.

4 March 2019 Read the article

BEHIND THE SCENES

How IOS Group Supersized the Shell Company Game

Multiple financial scandals uncovered in recent years have relied on the shadowy world of offshore shell companies to make them work. In case after case, the schemes have one thing in common: The companies were created by a corporate formation agent called IOS Group.

15 May 2019 Read the article

The Troika Laundromat’s Friendly EU Banker

Troika Dialog, once Russia’s largest private investment bank, couldn’t have set up and run the Troika Laundromat without Vladimir Romanov’s Ukio Bankas. The lender shuttled billions of dollars through secretive offshore companies to benefit Russia’s elite.

15 May 2019 Read the article

INTERACTIVE INFOGRAPHIC

OTHER STORIES

Laundromat Money Leads to Spanish Paradise

Celebrities and royals have long flocked to the palm-fringed Spanish village of S’Agaro, about 100 kilometers up the coast from Barcelona. Now it attracts Russian statesmen– and their money.

28 March 2019 Read the article

Videos

WHO WAS INVOLVED?

The Project

Reaction

Partner Stories

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Do You Have What It Takes to Be an Anti-Money-Laundering Professional?

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ING Moscow Kept Working for Suspected Money Launderer

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Bulgarian Companies, Institutions and Politicians in the “Troika”

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UK Partnerships Moved Billions Through Baltic to Europe, Data Shows

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Elite UK school fees paid via tax haven firms, leak reveals

Charterhouse one of 50 private education providers to have received funds via Baltic bank.

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Nokia Sold Phones for Tens of Millions of Euros – Buyer Was a "Housewife" Connected to Illegal Arms Trade

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No Matter How Dirty You Make It, We’ll Clean It Up

Billions in suspicious Russian money was channeled through Lithuania to banks in the Netherlands and other countries.

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Brabant Shipyard Built Two Luxury Yachts for Tens of Millions, But Where Did the Money Come From?

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Almost a Billion Euros Flowed From Lithuania to the Netherlands

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Russian Bank Laundered Billions Through Lithuania and Channeled it to Western Europe

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Russian Laundromat Money Runs Through the Netherlands

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Dutch Bank Helped Putin Confidant Launder Money

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Dutch Banks Key Link in Russian Fraud Worth Billions

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Troika Laundromat Reveals How Shady Russian Millions Ended Up in Belgium

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The Wallet of the Russian Elite

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The Troika Laundromat: Money Laundering Scheme Used Forged Signatures of Armenian Migrant Workers to Funnel Millions

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UkioLeaks: The Links to Vienna

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The Erich Rebasso File

Erich Rebasso, a Viennese lawyer killed in 2012, was part of a Russian money laundering scheme. As a trustee for Russian clients, he funnelled at least $100 million originating from obscure sources to offshore entities holding bank accounts at Ukio Bankas in Lithuania.

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The Prince, the Oligarch, and the Stately Home

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UkioLeaks: Romanov's Bank Serviced a Multi-Billion-Dollar Money Laundering System

A video laying out how the Troika Laundromat operated.

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UkioLeaks: Key Stories in Brief.

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