Mexican Billionaire Loses ₹45,000 Crore in Global Loan Scam Involving Fake Swiss Firm and Fake Astor Ties
Even billionaires with global business empires aren’t immune to scams. In a shocking case, Mexican tycoon Ricardo Salinas Pliego, one of Latin America’s wealthiest individuals, has revealed he was conned out of $5.5 billion (approx. ₹45,000 crore) in an elaborate international loan scam.
The deception involved a fake financial firm claiming ties to a reputed American family, professional-looking websites, glossy office tour videos, and the lure of ultra-low interest rates. Salinas, despite his years of business experience, fell victim to the trap.
Flashy Setup, Fake Promises: How the Scam Unfolded
The incident began in 2021, when Salinas sought a $400 million loan to invest in Bitcoin. The loan was to be secured against shares of his company, Grupo Elektra. A Swiss-based financial advisory firm facilitated the deal, introducing him to a company called Astor Capital Fund, allegedly connected to the prestigious Astor family in the U.S.
A man going by the name Thomas Astor Malone offered the loan at a jaw-droppingly low 1.15% interest rate. Everything about the company seemed legitimate — from its sleek website to videos of its New York office and elite branding. It was a trap laid with perfection.
The Truth Behind Thomas Malone: A Ukrainian Criminal
Investigations later revealed that Thomas Astor Malone was actually Alexey Skachkov, a Ukrainian national with a criminal history involving drug trafficking and jewelry theft, now residing in Georgia, USA. But the real mastermind was Vladimir Sklarov, a U.S. citizen born in Ukraine with a criminal past dating back to the 1990s.
Sklarov executed the scam with chilling precision. After gaining control over Elektra shares through the fraudulent loan agreement, he sold them off in the market, causing Salinas and his company massive losses.
71% Stock Crash, Massive Wealth Wipeout
The impact was catastrophic. Grupo Elektra’s stock plunged by 71%, wiping out $5.5 billion from Salinas’s personal net worth and slashing $4 billion from the company’s market value. What began as an ambitious crypto investment ended in financial devastation.
"I Felt Like a Fool," Says Salinas
In an emotional interview with The Wall Street Journal, Salinas admitted, "I feel like a fool." The billionaire confirmed he had lost 25% of his total wealth to the scam. He is now actively pursuing legal action with his global legal team to track down and freeze assets belonging to the fraudsters.
Red Flags Missed and The Turning Point
Initially, there were minor irregularities in Grupo Elektra’s trading activity. But the convincing presence of Astor Capital, including their branding and demeanor, silenced any doubts. In July 2024, when Salinas tried to repay the loan early, Astor Capital shockingly issued a default notice instead.
Following this, the Mexican government launched a formal investigation, raising more questions about how such a high-level scam could go undetected for so long.
Not Just Salinas—More Victims Worldwide
The Wall Street Journal reports that Sklarov and his network scammed investors across the U.S., U.K., and Asia, seizing nearly $750 million worth of shares. Salinas’s legal team managed to freeze $400 million in assets through a London court order and is now tracking the rest.
Where Is Vladimir Sklarov Now?
According to international sources, Sklarov is currently hiding out aboard a luxury yacht named "Enchantment" off the coast of Greece. He denies any wrongdoing and claims that all investors were aware their shares could be transferred to third parties as part of the loan terms — a claim that is now under legal scrutiny.
A Billionaire’s Mistake, A Lesson for the World
This dramatic saga serves as a cautionary tale for investors at all levels. If someone as seasoned as Salinas can fall for a well-orchestrated scam, it underscores the importance of due diligence, even when the deal looks polished and professional.
As digital finance and crypto investments rise, so do the risks of sophisticated financial frauds. The incident is a stark reminder: always verify, question, and investigate — no matter how attractive the opportunity may seem.
