Roman Abramovich attends a signing ceremony in Istanbul, Turkey July 22, 2022. REUTERS/Umit Bektas/File Photograph

Aug 9 (Reuters) – U.S. federal authorities are investigating funding advisory agency Harmony Administration, which oversaw hedge fund investments value billions of {dollars} for Russian billionaire Roman Abramovich, the New York Occasions reported on Tuesday.

The investigation, being performed by the Securities and Trade Fee (SEC) and the Federal Bureau of Investigation (FBI), is partly targeted on how Abramovich’s associates used a number of offshore shell firms to take a position $eight billion in hedge funds and personal fairness companies, the report added, citing folks near the agency. https://nyti.ms/3p3x646

The authorities are searching for details about the movement of cash to and from greater than a dozen shell firms primarily based in havens just like the British Virgin Islands and the Isle of Jersey, the NYT report stated.

Earlier in June, a U.S. court docket issued warrants for the seizure of two luxurious planes owned by Abramovich. learn extra

The U.S. Division of Justice can be searching for broader authority from Congress to grab Russian oligarchs’ belongings as a method to strain Moscow over its invasion of Ukraine, a prosecutor stated in July.

In March, a KleptoCapture job drive was launched to boost the US’ capacity to punish rich Russians whom Washington accuses of enabling Russian President Vladimir Putin to invade Ukraine. learn extra

The SEC, the FBI, and Harmony Administration didn’t instantly reply to Reuters’ requests for remark.

Reporting by Rishabh Jaiswal in Bengaluru

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