Document leak reveals scope, audacity of Russian banking billionaire's alleged IRS ripoff
A recent arrest in London and a new leak of documents from a bank in the Cayman Islands provide a road map showing how a Russian oligarch allegedly defrauded the United States out of hundreds of millions in taxes, undertook luxury, prestige projects and played a financial shell game using offshore companies to buy and sell private jets.
The case of Oleg Tinkov is the latest to highlight the advantages of opaque limited liability corporations and obscure offshore tax havens like the British Virgin Islands and the Isle of Man, a self-governing British Crown dependency between Great Britain and Ireland and known for its medieval castles, to avoid taxes. And how recent document leaks are bringing about a reckoning.
The alleged tax fraud comes straight out of an indictment, handed up in California.
The leaked documents — which were provided to the Justice Department but have not resulted in additional charges — tell the rest of the story, underscoring how allegedly ill-gotten profits can be further shielded by rotating them through a series of offshore accounts, all under the same control, in effect a financial game of three card monte.
https://www.yahoo.com/news/document-leak-reveals-scope-audacity-105704579.html
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