[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Dubai’s opulent real estate market has faced scrutiny following revelations that Ruja Ignatova, dubbed the “CryptoQueen,” and her security advisor, Frank Schneider, successfully liquidated their assets in the city despite facing serious charges in the United States related to an alleged $4 billion fraud. The current whereabouts of both individuals remain unknown.
Investigative efforts by Dubai Unlocked, a collaborative project involving multiple media outlets, uncovered leaked property data indicating that Ignatova’s penthouse apartment was sold in late 2019, two years after the collapse of her OneCoin cryptocurrency scam and subsequent charges in the US.
Read more: YouTube Inundated With AI-Generated Cryptocurrency Scam Ads
Similarly, Schneider, facing house arrest in France and extradition to the US, managed to sell his Dubai apartment for $2.3 million in January 2022. He is accused of aiding in evading law enforcement and handling the proceeds of the OneCoin scheme.
These property sales raise serious concerns about Dubai’s enforcement of anti-money laundering regulations. Despite facing criminal charges in the US, both Ignatova and Schneider managed to sell their properties in Dubai, highlighting potential gaps in regulatory oversight.
The purchases were made through shell companies, with Ignatova selling her apartment while wanted by New York prosecutors, and Schneider’s property sold while he was under house arrest. Dubai’s lax regulatory environment has drawn criticism for enabling individuals to conceal proceeds from illicit activities, despite laws requiring background checks and reporting of suspicious transactions. However, UAE officials and Dubai Police have not responded to inquiries regarding the property sales, raising further questions about the country’s commitment to combatting financial crime.[/vc_column_text][/vc_column][/vc_row]
