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Probe Into Ladbrokes Parent Company Expands, $890K in Bitcoin Seized

Written by:
Jagajeet Chiba
Published on:
Jul/22/2020

The United Kingdom tax authorities have widened their ongoing investigation into online sportsbook operator GVC Holdings allegedly regarding the activities of its former Turkish subsidiary.  GVC Holdings is the parent company of Ladbroke, PartyPoker and Bwin.

From the World Casino Directory:

The initial probe from Her Majesty’s Revenue and Customs (HMRC) was launched earlier this month shortly after the London-listed firm had detailed that Kenneth Alexander would be stepping down as its Chief Executive Officer following some 13 years at the helm.

The expanded investigation is thought to be concentrating on ‘potential corporate offending’ by GVC Holdings with regards to its Turkish business, which it offloaded to former IT supplier Ropso Malta in December of 2017 shortly before buying Ladbrokes Coral Group for £3.6 billion ($4.5 billion). The Isle of Man-based firm purportedly decided to get rid of this subordinate due to the risks associated with operating in a country where online gaming is effectively a black-market activity.

Latvian Police Seize $890,000 in Assets in Bitcoin Bust

Latvian police have seized over €110,000 ($127,000) in cryptocurrency and $755,000 in property and cash from three local residents that allegedly defrauded 1,000 people during a span that ranged from 2015 to 2020.

Police say the group targeted sites like Ebay, PayPal and Booking.com, using people’s private data they bought on the darknet.

Latvian police issued this statement:

“It was found that the organized group massively purchased people's personal data on DarkNet online, as well as access data to profiles on various platforms, compromised email passwords and other personal data in order to gain access to victims' electronic payment data later."

From decrypt.co:

Apart from the large cache of cryptocurrencies, the police also seized €280,000 ($323,000) and $37,000 in cash, 11 real estate properties worth €315,000 ($363,000) and three cars worth €30,000 ($34,500) combined.

- Jagajeet Chiba, Gambling911.com

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