Latest news with #Astor
Time of India
17 hours ago
- Business
- Time of India
$5.5 Billion gone in a day: How a bitcoin loan turned into a financial black hole for Mexican billionaire Ricardo Salinas Pliego
'I feel like an absolute idiot. How could I fall for this?' said Ricardo Salinas Pliego , 69, in an interview with The Wall Street Journal. The Mexican billionaire, who owns Grupo Salinas , lost close to $400 million in what turned out to be a sophisticated and deeply deceptive scam. The con was staged by criminals posing as descendants of the Astor family, once America's wealthiest dynasty. The group, fronting as Astor Capital Fund , offered a low-interest loan to Salinas, secured against shares in his firm Grupo Elektra . What followed was financial sabotage on an industrial scale. Explore courses from Top Institutes in Please select course: Select a Course Category Degree Finance Others Healthcare Data Science Digital Marketing Design Thinking Technology Product Management MBA Data Science Operations Management Project Management Leadership Data Analytics Management PGDM MCA healthcare Public Policy Artificial Intelligence CXO Skills you'll gain: Data-Driven Decision-Making Strategic Leadership and Transformation Global Business Acumen Comprehensive Business Expertise Duration: 2 Years University of Western Australia UWA Global MBA Starts on Jun 28, 2024 Get Details The trap: A fake family name and a tempting offer Back in 2021, Salinas wanted to expand his Bitcoin portfolio. To do that, he sought a $400 million loan using shares in Grupo Elektra—his family's retail and banking giant—as collateral. A Swiss adviser introduced him to Astor Capital Fund, which claimed lineage to John Jacob Astor, the 19th-century fur trader whose family inspired the Waldorf Astoria hotels. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo On paper, it all looked legitimate. The interest rate was just 1.15 percent. There were videos, a website with a regal lion seal, and calls hosted by a man calling himself Thomas Astor Mellon. He spoke with a perfect American accent, called in from a yacht, and claimed to be both the firm's CEO and an Astor heir. Behind the mask: Who they really were None of it was real. Live Events Thomas Astor Mellon was actually Alexey Skachkov, a Georgian resident with a record that included prescription forgery and jewellery theft. The real architect of the scam, however, was Vladimir Sklarov—a Ukrainian-born American with a long criminal history. Sklarov once went to prison in the 1990s for an $18 million Medicare scam involving fake billing for surgical dressings. After that, he reinvented himself. He changed his name to Val, created companies in multiple countries, and even placed a personal ad in a Detroit business paper asking for new opportunities. He had also used aliases like Gregory Mitchell and Mark Simon Bentley. It was under those names that he built an elaborate fake empire to lure wealthy investors. The stock vanished, the collapse began Salinas's pledged shares—worth over $400 million—were sold off without his consent. The sale sparked a 71 percent plunge in Grupo Elektra's stock in July 2024. That collapse wiped $5.5 billion from Salinas's net worth and shaved off $4 billion from the company's market value. Salinas's team started noticing unusual stock activity as early as late 2021. Eduardo González Salceda Sánchez, one of his key financial advisers, raised concerns. Still, the façade held. Salinas's staff even visited Astor Capital's New York office. It looked authentic, complete with branded materials and a front desk. When Sánchez later requested proof that Salinas's shares remained untouched in the custody account, Astor Capital refused. They called it "forbidden interference" and claimed full control of the assets. Not long after, the firm issued a default notice. They cited eleven violations, including the verification request and a government probe into Salinas's other companies. A paper trail of mansions and yachts While Salinas fought to recover his money, Sklarov's network was busy spending it. According to property records seen by Currency, the stolen funds were channelled into a series of luxury real estate buys. A $6.45 million penthouse in New York overlooking Central Park. A $2.67 million mansion in Virginia. A $6 million château in France registered to Sklarov's wife. Two villas in upmarket Greek suburbs—Marousi and Ekali. Much of the money travelled through accounts linked to Sklarov's New York lawyer, eventually landing in offshore entities. Sklarov now lives in Greece with his family and a yacht called Enchantment. More than one victim Salinas wasn't alone. According to legal filings and The Wall Street Journal, Sklarov's operation stretched across the United States, United Kingdom, and Asia. It exploited the loosely regulated world of securities-based lending , a $4.3 trillion market where borrowers use stocks to secure loans without selling them. Using names like Cornelius Vanderbilt Capital Management and Bentley Rothschild, the group targeted other wealthy executives. In each case, the scheme followed the same model: trusted branding, fake family names, polished websites, and promises that later vanished. The legal fight begins Salinas's legal team is now chasing the money through courts in multiple countries. They've already frozen $400 million via the London Commercial Court and are seeking access to US bank records. Their findings suggest around $300 million was funnelled through accounts managed by Sklarov's lawyer before being moved offshore. The web of aliases, shell firms, and cross-border transactions will make recovery slow and complex. Still, Salinas is pushing forward. So far, Sklarov has denied all wrongdoing. He claims the borrowers understood the risks. Speaking to The Wall Street Journal, he said that he operates in high-risk finance and that 'Astor Capital only promised not to sell shares directly on public exchanges.' He insists transfers to third parties were fair game. At the peak of his fortune, Ricardo Salinas Pliego was worth nearly $16 billion. Today, he is counting the cost of a deal that looked perfect on the surface and turned out to be a façade built on lies, stolen identities and smooth-talking fraudsters. And the words he gave the Journal—'I feel like an absolute idiot. How could I fall for this?'—may now resonate with many others in the same boat.
News18
17 hours ago
- Business
- News18
Rs 47,000 Crore Gone! Mexican Billionaire Ricardo Salinas Loses 25% Wealth To Loan Scam
Mexican billionaire Ricardo Salinas lost 25% of his $16 billion fortune in a global loan scam run by fraudsters posing as Astor heirs, triggering legal action and market shock 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. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : billionaire cyber frauds fake case fraud case Fraudsters Greece Mexico online scam view comments Location : Mexico 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 Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
NDTV
17 hours ago
- Business
- NDTV
How Scammers Tricked Mexican Billionaire Out Of Rs 3,491 Crore: "I Feel Like An Absolute Idiot"
In 2021, Mexican billionaire Ricardo Salinas Pliego was scammed by fraudsters posing as descendants of the prominent Astor family, resulting in a loss of approximately $400 million. According to New York Post, the scam involved a sophisticated "loan-to-own" scheme orchestrated by con artists, including Ukrainian-born American Vladimir Sklarov. The scammers falsely claimed their firm, Astor Capital Fund, was linked to the Gilded Age Astor family, known for their wealth and influence in New York society. Mr Pliego, owner of Grupo Salinas, recently talked to Wall Street Journal about the scam, that wiped nearly a quarter of his net worth. He said that he believed he had found a reliable partner to finance a large Bitcoin investment in 2021, however, he fell victim to a "loan-to-own" scheme. "I feel like an absolute idiot. How could I fall for this?" Mr Pliego, 69, told the Journal. The billionaire's financial nightmare began when he sought to expand his cryptocurrency holdings by borrowing $400 million against his stake in Grupo Elektra, the retail and banking empire founded by his father in 1950. He was introduced to Astor Capital Fund by a Swiss financial adviser, which claimed ties to the esteemed New York family. The billionaire's team remained confident in their lending partner despite concerns, after visiting Astor's seemingly legitimate New York City offices. However, Salinas Pliego's stock collateral, worth over $400 million, was secretly sold off by Arkady Sklarov, who posed as "Gregory Mitchell," and his accomplice, who impersonated an Astor family descendant. The scheme unraveled when Salceda Sanchez requested proof that Salinas Pliego's shares remained in his custody account. Astor Capital refused, claiming the request was forbidden interference, and asserted control over the collateral. As the London broker questioned the short-selling of stock, "Mitchell" downplayed concerns. When Mr Pliego tried to prepay the loan in July 2024, Astor Capital issued a default notice, citing alleged violations, including late interest payments and a Mexican government investigation. Legal filings revealed that Salinas Pliego was just one victim in a larger operation. The fraudsters had set up a complex scheme, using multiple aliases and companies to deceive their victims. Property records reveal that Sklarov's associate covertly funneled Salinas Pliego's money into luxury real estate purchases across the US and Europe. The scammers used his money to acquire a portfolio of high-end properties, including a $6.45 million New York penthouse with Central Park views, a $2.67 million Virginia mansion, and a $6 million French château. They also purchased two villas in affluent Greek suburbs. To appear legitimate, the con artists created a professional website, polished promotional materials, and attractive loan terms. One impersonator, posing as Thomas Astor Mellon, participated in video conferences from a yacht, speaking with an American accent and claiming to be a descendant of John Jacob Astor. The mastermind behind the scheme was Val Sklarov, a Ukrainian-born fraudster with a decades-long history of crime. Sklarov had operated under multiple aliases and had served prison time for an $18 million Medicare fraud. He reinvented himself multiple times, changing his name and establishing companies across various jurisdictions.
NDTV
2 days ago
- Automotive
- NDTV
MG Astor Prices Hiked By Up To Rs 19,000; Check Details
JSW MG Motor India has revised the prices of the Astor SUV for the Indian market. The SUV rivals models like Hyundai Creta, Maruti Suzuki Grand Vitara, Kia Seltos, and has received an upward revision of up to Rs 19,000, depending on the variant. This follows the changes in the prices of the models like Comet EV and Windsor EV sold by the brand in the country. Getting into the details, the pricing for the top-end Savvy Pro 1.3 Turbo AT variant has not changed. The base model Sprint 1.5 MT and the Select 1.5 MT variants of the MG Astor have seen an increase of Rs 18,000 each. In the same vein, the Shine 1.5 MT and Sharp Pro 1.5 MT variants have experienced price hikes of Rs 19,000 and Rs 13,000, respectively. Also Read: What's Delhi Traffic Prahari App: Here's All You Should Know A price increase of Rs 15,000 applies to the Select 1.5 CVT, Sharp Pro 1.5 CVT, and the Sharp Pro 1.5 CVT dual-tone variants. Meanwhile, the prices of all other variants have increased by Rs 17,000 each. The SUV's pricing now ranges from Rs 11.48 lakh to Rs 18.55 lakh (all prices, ex-showroom). Regarding features, the MG Astor comes equipped with a 10.1-inch touchscreen infotainment system, a fully-digital instrument cluster, a 6-speaker audio setup, over 80 connected car features, an auto-dimming IRVM, and a voice recognition system from Jio. With respect to safety, the Astor is equipped with 14 Level 2 Advanced Driver Assistance Systems (ADAS) features. The Astor is offered with a 1.5-liter naturally aspirated petrol engine, which can be paired with either a 5-speed manual transmission or an 8-speed CVT automatic unit. This engine produces 109 bhp and a peak torque of 144 Nm.
Fox Sports
3 days ago
- Automotive
- Fox Sports
Alex Palou Continues Domination of Laguna Seca, Series Standings
INDYCAR WeatherTech Raceway Laguna Seca remains Alex Palou's best track, and the NTT INDYCAR SERIES' champion designation almost certainly will stay with him as well. The driver of the No. 10 DHL Chip Ganassi Racing Honda proved both with a dominating drive in the Java House Grand Prix of Monterey. He won on the California road course for the second consecutive year – again from the pole – and scored his third win here in the past four years. Palou has just as much command of the season standings, where gaining the maximum number of points for the weekend, along with the fourth-place finish of Arrow McLaren's Pato O'Ward, pushed his lead to a whopping 121 points. Palou still has work to do to clinch his third consecutive series championship and fourth in five years, but that effort is minimal. Effectively, O'Ward will need to win the remaining three races for Palou to be threatened. This win gave Palou his eighth win in 14 races this season. Only three drivers in the sport's history – A.J. Foyt in 1964, Al Unser in 1970 and Mario Andretti in 1969 – have won more races in a season. Foyt and Unser hold the record with 10. Andretti had nine. Palou is one of five drivers with eight wins and is the first to do so since Sebastien Bourdais in 2007. The win was the 19th of Palou's still-young career – he has made just 95 starts. Only 23 drivers have ever been to victory lane as often in open-wheel racing. Palou relinquished the lead only to pit. Interestingly, the top spot the first time went to Arrow McLaren's Nolan Siegel, who led the first series laps of his career. Team Penske's Will Power grabbed the lead when Palou stopped a second time, but he gave it up on the next circuit, restoring order to Palou's race. Arrow McLaren's Christian Lundgaard finished second with Colton Herta of Andretti Global w/ Curb-Agajanian third. The two had a memorable moment mid-race when Lundgaard muscled his way to the inside of Herta in the track's final corner. There were two incidents on the opening lap. First, a tussle between Conor Daly and rookie Robert Shwartman said the latter shoved off into the Turn 3 gravel pit. Three corners later, Chip Ganassi Racing's Kyffin Simpson ran into the back of Felix Rosenqvist, knocking the Meyer Shank Racing w/ Curb-Agajanian driver through the gravel and against the tire barrier. Simpson ricocheted off the wall, sending his car into another part of the tires. On Lap 11, Dale Coyne Racing rookie Jacob Abel appeared to have a mechanical failure as the car completely missed Turn 1 and sailed into the gravel. Later, Kirkwood ran into the back of Dale Coyne Racing's Rinus VeeKay, drawing the penalty that effectively ended his championship hopes. The two late caution periods were the result of the Turn 6 off by Andretti Global's Marcus Ericsson and AJ Foyt Racing's Santino Ferrucci spinning at the top of the Corkscrew. After five races over four July weekends, the series will take a short break before resuming the pursuit of the Astor Challenge Cup. The first of three races to end the season will be the Grand Prix of Portland at Portland International Raceway on Sunday, Aug. 10 at 3 p.m. ET on FOX. recommended Item 1 of 2
