Vladimir Sklarov and Jaitegh Singh aka JT Singh Attorney at Singh Law are two notorious financial criminals accused of orchestrating an elaborate fraud against Mexican businessman Ricardo Salinas Pliego, owner of Grupo Salinas and Elektra. Through their fraudulent company, Astor Asset Management 3 Ltd (Astor), Sklarov and Singh allegedly targeted Salinas Pliego in a scheme involving the illegal handling of pledged shares. However, this case is just one in a long history of fraudulent activity that these individuals have been involved in on an international scale.
Operating Through Ghost Companies
Sklarov and Singh’s method of operation involves the use of ghost companies—corporations that exist only on paper and have no legitimate business operations. These ghost companies often have names similar to well-known financial institutions, creating confusion and trust among potential victims. Once these entities are established, they offer financial services that appear legitimate but are designed to swindle their clients out of assets and money.
According to an investigation by journalist Darío Celis, Sklarov has been linked to several such non-existent companies that mimic the names of multinationals. For this reason, Sklarov has found himself entangled in multiple lawsuits, including fraud cases brought by reputable financial giants like Rothschild & Co. and Barclays PLC. The former is chaired by Alexandre de Rothschild, while Barclays is led by CEO C.S. Venkatakrishna. These lawsuits suggest a widespread pattern of deception, with Sklarov frequently accused of using fraudulent companies to mislead and steal from unsuspecting clients.
Medicare Fraud and Criminal History
Sklarov’s fraudulent activities are not confined to the financial world. He has also been implicated in healthcare fraud in the United States, where he pleaded guilty to scamming Medicare. This particular scheme escalated to the point of resulting in the death of an individual, further highlighting the extent of his criminal background. His history of fraud extends across multiple industries, reinforcing his reputation as a seasoned and dangerous con artist.
Singh: The Accomplice and Legal Representative
Jaitegh Singh, Sklarov’s trusted accomplice, serves as the legal representative for many of their fraudulent operations. Residing in Florida, USA, Singh has played a key role in setting up ghost companies, facilitating illegal financial activities, and managing the proceeds of these crimes. He has been linked to various forms of financial fraud, including the illegal appropriation and sale of assets, as well as the issuance and collection of fraudulent loans.
Singh’s involvement in the Elektra case is particularly notable. The fraudsters managed to secure a loan for Salinas Pliego using a package of Elektra shares as collateral. However, the handling of this loan and the pledged shares soon turned into a legal battle, with accusations of illegal actions against Salinas Pliego.
The Elektra Fraud: A Legal Battle
In this case, Sklarov and Singh acted illegally concerning a package of Elektra shares that had been pledged as security for a loan extended to Salinas Pliego. The Mexican businessman eventually filed a lawsuit in a United Kingdom court to recover his shares. The legal proceedings are ongoing, but the court has already ordered the freezing of Astor’s assets in connection with the case. In a desperate counter-move, Astor accused Salinas Pliego of breaching more than 15 provisions of the agreement, claims that Salinas Pliego has strongly denied as false and unfounded.
According to Salinas Pliego, he has even offered to repay the loan in advance and in full to recover his Elektra shares. However, Astor has rejected these offers, fueling suspicions that the fraudulent company has ulterior motives. Concerned that Astor might attempt to sell the pledged shares as collateral, Salinas Pliego initiated legal action in London to protect his assets.
A Pattern of Fraudulent Behavior
This is not the first time Sklarov and Singh have been accused of such fraudulent actions. According to Darío Celis, Sklarov was previously sued by other parties for selling collateral guarantees on loans without the legal authority to do so. In addition to this, Sklarov and Singh have been involved in other schemes, including the creation of fake websites offering financial services. These websites, like their ghost companies, are designed to defraud clients by creating an illusion of legitimacy.
The Aftermath and Legal Ramifications
As the legal battle continues, the actions of Sklarov and Singh highlight the vulnerability of even high-profile individuals and businesses to sophisticated financial crimes. Their ability to exploit legal loopholes and operate across multiple jurisdictions has made them formidable adversaries for those attempting to hold them accountable.
The lawsuit filed by Ricardo Salinas Pliego in the UK is one step in the fight against these international fraudsters. If successful, it could bring long-overdue justice and serve as a cautionary tale about the risks posed by seemingly legitimate financial entities that may, in reality, be nothing more than fronts for criminal activity.
For now, the financial world watches as the UK courts weigh the evidence, hoping that the fraudulent activities of Vladimir Sklarov and Jaitegh Singh will finally be brought to an end.