(Provides FBI response, background)

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 carried out by the Securities and Alternate Fee (SEC) and the Federal Bureau of Investigation (FBI), is partly centered on how Abramovich’s associates used a number of offshore shell firms to take a position $eight billion in hedge funds and personal fairness corporations, the report added, citing individuals near the agency. https://nyti.ms/3p3x646

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

In June, a U.S. courtroom issued warrants for the seizure of two luxurious planes owned by Abramovich underneath U.S. measures imposed after Russia’s invasion of Ukraine.

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 mentioned in July.

In March, a KleptoCapture process power was launched to boost the USA’ capability to punish rich Russians whom Washington accuses of enabling Russian President Vladimir Putin to invade Ukraine.

The SEC and Harmony Administration didn’t instantly reply to Reuters’ requests for remark, whereas the FBI declined to remark. (Reporting by Rishabh Jaiswal in Bengaluru; Modifying by Maju Samuel)