Rs 47,000 Crore Gone! Mexican Billionaire Ricardo Salinas Loses 25% Wealth To Loan Scam
Mexican billionaire and Grupo Salinas owner Ricardo Salinas Pliego has revealed that he lost approximately 25% of his $16 billion wealth in what he described as a 'carefully orchestrated fraud". Speaking to The Wall Street Journal, Salinas admitted he felt 'like a fool" after realising the scale of the deception.
The Scam That Fooled A Billionaire
The fraud revolved around a so-called 'loan-to-own' scheme, falsely linked to the prestigious North American Astor family. In 2021, Salinas sought a $400 million loan backed by shares in his family's business, Grupo Elektra, to invest in Bitcoin. He was introduced to the bogus 'Astor Capital Fund' by a Swiss financial adviser who claimed it was associated with the historic American dynasty.
A Polished Façade Hides Criminal Intent
A man identifying himself as 'Thomas Astor Malone' offered the loan at an interest rate of just 1.15%. With a professional website, lion-seal branding, and even video footage of a branded New York office, the operation appeared legitimate.
However, 'Thomas' was in fact Alexey Skachkov, a Ukrainian criminal residing in Georgia, United States, with previous charges of drug fraud and jewellery theft.
This action triggered a dramatic 71% collapse in Elektra's stock value in July 2024, wiping out $5.5 billion from Salinas' net worth and a further $4 billion from the company's market capitalisation.
Luxury Properties Bought With Stolen Funds
The illicitly gained money was allegedly used to acquire luxury properties around the world, including:
A New York penthouse worth $6.45 million
A Virginia mansion for $2.67 million
A French château for $6 million
A lavish villa in Greece
Although some irregularities in Elektra's trading activity were noted as early as 2021, assurances from Astor Capital and their professional façade allayed suspicions.
Default Notice Escalates Crisis
The situation worsened when Salinas attempted to repay the loan ahead of schedule in July 2024. Astor Capital retaliated by issuing a default notice, citing alleged breaches of contract and an ongoing investigation by the Mexican government.
A Wider Web Of Victims
According to The Wall Street Journal, Salinas is one of many global investors duped by this fraud. Sklarov is believed to have seized $750 million worth of shares from victims across the United States, United Kingdom, and Asia.
Salinas' legal team has frozen $400 million through a London court order and is now pursuing the money trail, which allegedly includes transfers to offshore accounts facilitated by New York-based attorneys.
Where Is Sklarov Now?
Sklarov is reportedly living aboard a yacht named Enchantment off the coast of Greece. He denies any wrongdoing and claims that investors were fully informed that their shares could be transferred to third parties under the terms of the agreement.
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First Published:
July 30, 2025, 14:06 IST
News business Rs 47,000 Crore Gone! Mexican Billionaire Ricardo Salinas Loses 25% Wealth To Loan Scam
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