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Time of India
30-07-2025
- 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.
NDTV
30-07-2025
- 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.
Time of India
29-07-2025
- Business
- Time of India
$5.5 billion wiped in one day: How a Mexican billionaire lost billions in online scam fooled by an 'illustrious family name'
"I feel like an Idiot," told Ricardo Salinas Pliego , a Mexican billionaire and owner of Grupo Salinas, to Wall Street Journal. The owner of the telecommunications conglomerate Grupo Salinas lost nearly a quarter of his $16 billion fortune in a sophisticated "loan-to-own" scam orchestrated by con artists posing as descendants of John Jacob Astor, the German-born fur trader who was America's richest man when he died in 1848, according to The Wall Street Journal. Astor's family, known for dominating Gilded-Age society and inspiring the Waldorf Astoria hotels, was falsely linked to the fraudulent Astor Capital Fund . How the scam started In 2021, Salinas Pliego sought to finance a Bitcoin investment by borrowing $400 million against his shares in Grupo Elektra, a retail and banking empire founded by his father in 1950. He connected with Astor Capital Fund through a Swiss financial adviser, believing it was a prestigious firm tied to the Astor legacy. The company, led by a man claiming to be 'Thomas Astor Mellon,' offered a 1.15% interest loan and presented polished materials, including a website with a lion seal and a promotional video showcasing branded offices. 'Thomas Astor Mellon' was actually Alexey Skachkov, a Ukrainian with a criminal record However, the operation was a facade. 'Thomas Astor Mellon' was Alexey Skachkov , a Georgian resident with a criminal record for prescription forgery and jewelry theft, while the mastermind, Ukrainian-born American Vladimir Sklarov , posed as 'Gregory Mitchell.' Sklarov, who also used aliases like 'Mark Simon Bentley,' had a history of fraud, including a 1990s $18 million Medicare scam. The Journal reports that Sklarov's group sold off Salinas Pliego's $400 million in Grupo Elektra shares , triggering a 71% stock plunge in July 2024, erasing $5.5 billion from his wealth and $4 billion from Elektra's market value. 'I feel like an absolute idiot. How could I fall for this?' Salinas Pliego, 69, told the Journal. The scheme funneled funds into luxury real estate, including a $6.45 million New York penthouse, a $2.67 million Virginia mansion, a $6 million French château, and Greek villas, according to property records cited by Currency. Warning signs emerged in 2021 when Salinas Pliego's team noticed unusual trading in Elektra shares, but assurances from Astor Capital, including visits to seemingly legitimate New York offices, delayed action. When Salinas Pliego attempted to prepay the loan in July 2024, Astor Capital issued a default notice, citing violations like a verification request and a Mexican government probe into his companies. Salinas Pliego is not the only victim The Journal notes that Salinas Pliego was one of many victims in a broader operation, with Sklarov allegedly controlling $750 million in stock from borrowers across the U.S., U.K., and Asia, using names like Cornelius Vanderbilt Capital Management. The fraud exploited securities-based lending, a $4.3 trillion market, per Deloitte, where lax regulation allows predatory schemes. Salinas Pliego's legal team has frozen $400 million in a London court and is tracing funds, some of which moved through Sklarov's New York attorney to offshore accounts. Sklarov, now living in Greece with a yacht named 'Enchantment,' denies wrongdoing, claiming borrowers knew their stock could be lent to third parties, per the Journal.
