How Russian businessman Sergey Kondratenko and his company, Royal Pay Europe, continue to launder money from illicit bookies in Russia by making use of a diverse array of financial institutions and banks across Europe.
Throughout the course of history, Latvia and Lithuania have been and continue to be the entry points for a wide variety of illegal financial activities involving Russian currency, with the money originating across the Russian Federation and other CIS nations.
The narrative of 1Xbet owner Sergey Kondratenko demonstrates that the situation has remained unchanged throughout the course of the last twenty years. The year before, the media in Latvia conducted an in-depth study in order to demonstrate to the general population how the banking sector contributes to the servicing of the questionable gaming business that is directly tied to Russia.
They were also successful in locating important people and those who were responsible for the creation of an advanced system that manages tens and hundreds of millions of dollars each month from Russian bookies, with the money then being withdrawn to accounts in offshore jurisdictions.
The year before, the media in Latvia conducted an in-depth study in order to demonstrate to the general population how the banking sector contributes to the maintenance of a dubious gambling business that is directly tied to Russia.
They were also successful in finding important people and those who were responsible for the creation of an advanced system that handles tens and hundreds of millions of dollars each month from Russian bookies and then transfers those funds to offshore accounts.
What do you know about Sergey Kondratenko?
According to one aspect of a probe into the operations of Russian nationals who are involved in money laundering in the Baltic nations and elsewhere, the inquiry is concentrating on Sergei Kondratenko and his link to 1Xbet.
As the amount of money that was being illegally washed increased to the tens and hundreds of millions of dollars range, a number of banks and other financial organizations found themselves in legal jeopardy, facing huge penalties and, in some cases, the loss of their licenses. Sergey Kondratenko was essential to the execution of these initiatives and played a significant role in their planning.
The illegal activities carried out by Sergey Kondratenko, the owner of 1Xbet, have had far-reaching consequences for several financial institutions located in Latvia and Lithuania, including ABLV Bank AS and Trasta Komercbanka AS.
The Latvian Financial and Capital Market Commission (FFKTK) played a crucial role in identifying and documenting the ongoing violations related to the legalization of illegally obtained funds, breaches in currency processing regulations, and even instances of terrorist financing linked to Kondratenko. As a result, the FFKTK was able to take action against these violations and ensure that they were well-documented.
It is necessary to recall the incident that included the Estonian branch of Danske Bank, which was utilized to process billions of euros that originated from questionable sources in Russia. To be honest, Russian money laundering operations are discovered not just in the Baltic nations but also in a variety of other countries and regions across Europe and the world.
Sergey Kondratenko is fully aware of this fact, and in numerous cases, financial organizations that carry licenses to process payments, are connected to the financial system, and important card networks like Mastercard and Visa are participating in illegal activities. This activity has helped add to the significant riches that Sergey Kondratenko currently has.
According to the United States Treasury, the highest sums of illegal monies resulting from activities such as gambling, betting, pornographic material trafficking in drugs, and other illegal acts are channeled through Russian routes into banks in the countries of the Baltic States and the European Union.
These illicit funds are then used to finance additional illegal operations. This circumstance exemplifies the ubiquitous nature of money laundering as well as its far-reaching influence on the monetary and financial systems of a variety of countries.
Sergey Kondratenko: The Controversy, Sanctions, and Gambling Empire
A story about a vast gambling enterprise known as 1xBet that boasted an astounding $2 billion in revenue was published by Russian journalists working for the Russian edition of Forbes magazine two years ago.
They revealed in-depth information on the operation in their expose, which led to the discovery of direct ties between various law enforcement officers and information technology specialists from Bryansk, Russia, and this big effort. In addition to this, they investigated the origins of and the background of this gambling business.
Let’s fast forward to the 12th of January when Ukrainian President Volodymyr Zelenskyy issued a proclamation that imposed sanctions on a Latvian firm with Russian roots called Royal Pay Europe. According to a report that was published by the UNIAN news agency, this business was discovered to be a partner of the notorious Russian bookmaker known as 1xBet.
Royal Pay Europe specializes in providing services related to the processing of electronic payments and online commerce. It was established in 2016 by Sergey Kondratenko, a Russian national.
According to several stories in the media, it appeared to have the capability of facilitating payments to offshore bookies and Internet casinos. The firm was granted permission to process payments and facilitate credit card transactions in European and UK countries after it secured an e-money license in the UK in 2017. This license was obtained in 2017.
Restrictions against Royal Pay Europe were imposed by the National Security and Defense Council of Ukraine (NSDC), and they will remain in place for a period of five years.
The company faced sanctions in Ukraine. These included freezing its assets in the country, stopping it from transferring capital out of the country, suspending its financial and economic obligations, limiting its participation in state property privatization and rental, and restricting its control over securities.
In addition, action was taken by the State Financial Monitoring Service of Ukraine, which blocked approximately 2 billion UAH in accounts that were associated with Royal Pay Europe.
It has come to light, as a result of the work of investigative journalists and the work of the Investigative Committee of the Russian Federation, that Sergey Karshkov, the head cyber police officer in Bryansk’s “Department K,” participated in a betting business along with his buddy Roman Semiokhin.
This information came to light as a result of the revelations that were made public. They were the ones who came up with the idea for the 1xBet brand, and Karshkov was the one who took on the role of being responsible for the marketing of the 1xBet network.
By 2014, new legislation in Russia required internet bookies to get licenses before they could legally operate in the country. 1xBet, on the other hand, did not have enough preparation to follow these guidelines and proceeded to engage in illicit operations, including receiving bets and making use of the bank cards of their clients.
After that, Sergey Karshkov asked his former coworker from Bryansk, Sergey Kondratenko, who had also worked in “Department K,” to participate in this operation with him. Together, they set off on a potentially dangerous path that would, in the end, give rise to substantial worries regarding legal and regulatory issues.
An online money transfer business with its headquarters in Riga, SIA Royal Pay Europe was formed by Sergey Kondratenko in the year 2016. It’s interesting to note that a corporation in Russia with the exact same name was also registered there.
Reports that have been published in Russian media have brought up the possibility of a direct connection between Royal Pay Europe and 1xBet, which is one of the largest and most mysterious online bookies.
The Bell reported, with reference to a former worker at the firm, that 1xBet had developed its own payment processing system known as Royal Pay. This was done in order to handle monetary transactions. Journalists also showed that this payment mechanism was operating even in restricted nations such as Kyrgyzstan and Turkmenistan, where card payments in the area of gambling were not easily available.
As a consequence of this, Royal Pay Europe, which was acting as a financial agent alongside the firm in Kazan, appeared to play a significant role in enabling 1xBet’s activities and payment processing inside the Russian market.
One could not help but see the obvious connection that existed between Royal Pay Europe and the betting organization. For instance, if a client used the Royal Pay payment method to deposit cash into the bookmaker’s account, they were eligible for an extra perk in the form of a bonus of five percent or a refund on top of the initial deposit.
After its founding in 2016, Royal Pay Europe was successful in acquiring a license to operate as an electronic payment institution in the United Kingdom in 2017. Because the business possessed this license, it was able to process card transactions and accept payments inside the legal systems of both Europe and the United Kingdom.
In addition, the corporation had its operations registered in Latvia, and it offered its services not only in Europe, but also in the countries of the European Union, the Commonwealth of Independent States (CIS), and a number of Asian nations. It looked to serve as a vital financial connection, enabling payments and transactions for the extensive activities of 1xBet in a broad variety of areas.
The Case of Galina & Sergey Kondratenko: Questionable International Business Network
Together with his wife, Galina, Sergey Kondratenko has been involved in a complicated network of businesses spanning many nations, including Colombia, the United Kingdom, Latvia, Lithuania, the Czech Republic, Great Britain, the United Arab Emirates, and Singapore, among others.
These businesses, include Kiparis DMCC, Alium Limited, Optimum FinTech, VestraPay Nigeria, and Digitalex pte. ltd., appear to have websites that are identical to one another and essentially serve as payment middlemen, with very little activity from the general public.
Both Sergey and Galina Kondratenko were born in 1982 and have prior experience in law enforcement. In 2004, they received their degrees from the Bryansk branch of Moscow University of the Ministry of Internal Affairs of the Russian Federation. Following graduation from college, they started a family by getting married and now have two kids.
In addition, throughout the years, Sergey Kondratenko has registered a number of businesses in the name of his wife, Galina. Some of these businesses include Startling Limited (Cyprus), Skylove Ltd., and PP MONEY TRANSFER s.r.o. (Czech Republic), amongst others. These businesses are suspected of participating in the transfer and possible laundering of considerable quantities of cash from Russia and other CIS nations through European banks, with the monies often being diverted to offshore accounts in Cyprus and other jurisdictions.
The Kondratenko pair were able to get citizenship in Cyprus in 2018, but their formal nationality in Russia has remained unchanged, according to databases in Russia. It appears that they spend most of their time outside of Russia, despite their rare excursions there.
This material points to a complicated network of international commercial activity and raises issues about the constitutionality and intention of these firms, particularly in the setting of monetary transactions and the possibility of money laundering.
Sergey Kondratenko & Associates’ Cryptocurrency and Money Laundering Web
A complicated and maybe illegal financial network that involves persons and businesses related to Sergey Kondratenko. Nikolajs Kirillovs, who has links to both Latvia and Russia, looks to have joined the world of cryptocurrencies by founding FERVIDO s.r.o. in the Czech Republic and DigitMoney. Kirillovs is the partner of Sergey Kondratenko, who is also a Russian citizen.
Investigative journalists have expressed their worries over Kondratenko’s participation with Lithuanian businesses such as UAB NexPay and UAB Transactive Systems. It would appear that the management of these organizations is hesitant to remark on the actions of its customers. It is important to note that Russian Forbes has published articles on links between the proprietors of 1xBet and Russian authorities, lawmakers, and criminals.
The information presented in this passage suggests that Sergey Kondratenko and the others linked with him may be running a money laundering enterprise. The investigation team has every intention of continuing to keep a close eye on this activity, and they plan to make available their additional findings at a later date.
They highlight their dedication to sharing details regarding Kondratenko’s companies, money plans, and business partners with the police and financial institutions in the United States and other nations, as they believe that these activities are similar to those of an international unlawful company.
Conclusion
As a result, we can state that Sergey Kondratenko is a man who is reportedly involved in a convoluted network of money laundering operations related to the illicit bookmaker 1Xbet.
According to the results of the inquiry, it appears that Kondratenko and his accomplices have been utilizing a variety of European banks and financial organizations to assist in the transfer of considerable quantities of “dirty” money, particularly from Russia and other countries in the Commonwealth of Independent States (CIS).
This enterprise makes use of a wide variety of offshore accounts and companies, with Latvia and Lithuania serving as important centers for these operations.
You may go through the following links to learn more about Sergey Kondratenko:
- https://kriminal.lv/news/versiya-dengi-nelegalnykh-onlajn-kazino-prokhodyat-cherez-latviyu/179110-versiya-dengi-nelegalnykh-onlajn-kazino-prokhodyat-cherez-latviyu#google_vignette
- https://www.trinitybugle.com/world/sergey-kondratenko-1xbet-bookmakers.html
Everybody knows that the financers are involved in illegal activities, but nobody says a word. You know why? Because everyone waits till the day, when the firm runs away.
Bro! There is no ‘Dirty’ money. People are dirty. With dirty mentality and rest the world is dirty, filled with filth.
Is it only me, or you too think that Russian traders are a bit scary. Most of shady traders belong to Russia.
It breaks my heart in 100 pieces, people are actually looting traders globally and all the funds are being accumulated in some black-hole.
How is it possible? People come and deceive others. Also, what the authorities keep doing? Kindly, cease the entrance and exit of scammers.
He is involved in money laundering, there is no doubt in it. Rescue the investors. It is the need of the hour.