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SEB and Swedbank Enabled Suspected Fraud Networks In The Baltic States

SEB and Swedbank
Today, SVT Nyheter can reveal that the Swedish banks Swedbank and SEB, despite a long series of warning signals, made possible a corporate network in Latvia that spilled multimillion amounts to crypto currency companies, letter box companies and Maltese financial institutions. Up to SEK 300 million has disappeared. Over two thousand European investors and small savers have probably lost everything they have invested.

Envestio was one of about ten fast-growing loan platforms in Latvia. Until recently, they offered private individuals an investment of up to 22 percent – the money would be passed on to start-ups as short-term loans. Envestio had its main accounts first in SEB and then in Swedbank.

Cryptocurrency Farm

For example, according to Envestio’s website, until January this year, a cryptocurrency farm in Riga received almost SEK 4 million from various savers.

At the address in Riga where the cryptocurrency company is registered, there is today only an old abandoned factory building from the Soviet era that is completely empty.

Cryptocurrency is, according to financial crime experts, a strong warning signal about suspected crime.

Well-known goalkeepers

SVT has reviewed all 31 companies behind Envestio’s investment project. Plus another 12 companies that received money through Envestio’s accounts in SEB and Swedbank. Behind the projects we find companies in the Czech Republic, Poland and Latvia that do not seem to have any business.

Four of the companies have previously been owned via companies in countries with limited transparency: Malta, British Virgin Islands, Panama and Cyprus. Here we find several notorious goalkeepers who have represented a large number of companies and who have previously been linked to suspected money laundering.

In addition to the Swedish banks, Envestio had accounts in three financial institutions in Malta.

Denies interview

According to savers with whom SVT spoke, it was important for investors to trust Envestio that the Swedish major banks SEB and Swedbank accepted the company as a customer.

Swedbank tells SVT that they “understood that a police investigation is underway around this”. SEB does not submit to an interview but writes in an e-mail that they know Envestio well and that they are working closely with the Baltic authorities to stop the fraud. Both banks refer to banking secrecy.

Source: svt.se

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