Putin’s global Russian billionaire friend is arrested in London for ‘multi-billion dollar tax fraud’ after US investigators began investigating his love for private jets
- US authorities are accusing Russian tycoon Oleg Tinkov of hiding £ 1 billion in assets
- The 52-year-old renounced his U.S. citizenship in 2013 – when his bank was sold
- Federal authorities allege Tinkov should have paid taxes on the £ 1 billion windfall
- He is currently on bail in London awaiting an extradition hearing next month
A Russian bank billionaire who owns the world’s first private ice-breaking superyacht is not allowed to travel outside the M25 pending an extradition hearing.
Oleg Tinkov, 52, is set to appear before Westminster Magistrates’ Court next month on the basis of an extradition request from US authorities seeking to question him over an alleged multi-million pound tax fraud.
Tinkov, who relinquished his US citizenship in October 2013, was released on £ 20 million bail while the extradition is being decided.
Russian banker Oleg Tinkov, pictured, will appear before Westminster Magistrates’ Court next month as US authorities try to extradite him over alleged tax fraud.
Tinkov owns the world’s first private icebreaker yacht, La Datcha, pictured
Tinkov, pictured, is accused of hiding assets worth more than $ 1 billion when he renounced his US citizenship to avoid taxes
Tinkov was investigated after US authorities discovered he owned a private jet, see photo
The tycoon in the photo is known for his jet-set lifestyle
Tinkov’s jet, in the photo, has been registered on the Isle of Man
US authorities accuse Tinkov of hiding $ 1 billion in income and assets when he renounced his US citizenship to evade taxes.
According to the United States Department of Justice, Tinkov allegedly filed paperwork claiming to be worth $ 300,000.
They began their investigation after discovering that he owned a 2018 Dassault 8X private jet registered in the Isle of Man.
US authorities said: “Oleg Tinkov was the indirect majority shareholder of an affiliate-less online bank that provided financial and banking services to its clients.
The indictment alleges that as a result of an initial public offering (IPO) on the London Stock Exchange in 2013, Tinkov advantageously owned more than $ 1 billion in the bank’s shares.
The indictment further alleges that three days after the IPO, Tinkov renounced his US citizenship – a taxable event that requires Tinkov to report the constructive sale of his global assets to the IRS, the gain on the constructive sale of those assets to the IRS reports, and pay tax to the IRS on such earnings. ‘
Tinkov is said to have told US authorities that his earnings in 2013 were $ 206,000 and he had a net worth of $ 300,000
According to authorities, on conviction, he can face three years in prison for any count he comes across
Federal authorities claimed that Tinkov had routed more than $ 1 billion through the British Virgin Islands to avoid US taxes.
According to the indictment, Tinkov said his income was less than $ 206,000 in 2013, while his net worth was $ 300,000.
According to the FBI, “If Tinkov is convicted, he could face up to three years in prison for each sentence. He also faces a period of surveillance, restitution and fines. ‘
In addition to his superyacht, Tinkov owns a Dassault 8x jet worth around £ 50 million.
According to an investigation by The Times, Tinkov is on the US government’s ‘Putin list’.
In addition to his super yacht La Datcha, he also owns a £ 50 million private jet
Tinkov, pictured, is currently not allowed on his private yacht as his bail conditions stipulate that he must stay within the M25
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