Sergey Kondratenko: Fraud in Business – Scam Projects for Money Laundering

Money laundering involves concealing the origins of illegally obtained funds to make them appear legitimate. Fintech expert Sergey Kondratenko notes that money earned in such a way is conveniently funnelled through scam projects — shells that lure investors with attractive terms.In a short time, fraudsters manage to pass through both their sums and others' money via a fake project.

Money laundering through scam projects is one method used by criminals to legitimise illegally obtained funds. This process usually includes several stages and uses complex schemes to make tracking the source of the money difficult. Here’s how it can work:Criminals can create a fake investment project or company that appears legitimate at first glance. These could be projects in real estate, startups, investment funds, or even charitable organisations.

"Its main goal is to hide the origin of illegal funds and legalise them through different channels. However, besides laundering money, they also cause harm to investors who incidentally get involved in the fraudulent scheme."from the Federal Trade Commission , there was a rise in investment fraud in 2022. During that period, consumers lost $3.8 billion on investments in non-existent scam projects, more than double the losses of the previous period.

Scams or fraud seriously undermine investor confidence in the investment market, leading to a number of negative consequences both for individual market participants and for the economy as a whole.Frequent cases of fraud can lead to a general decline in trust in investment platforms and brokers. This increases the riskiness of investing and makes investors more sceptical about any investment offers.

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