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Financial Fraud Exposed: Seychelles Raids Offshore Firm Amid Pandora Papers Revelations
In a dramatic move, Seychelles authorities raided an offshore financial service provider just hours after a new investigation by ICIJ’s media partners revealed that the firm had exploited a UK secrecy loophole to help front companies used by Vladimir Putin’s inner circle.
Alpha Consulting: A Firm with Controversial Connections
Alpha Consulting, a Seychelles-based company, was one of 14 offshore services providers whose leaked files made up the Pandora Papers, a trove of 11.9 million documents obtained by the International Consortium of Investigative Journalists and shared with over 600 reporters worldwide.
Investigation Uncovers Shocking Revelations
The investigation by media outlets Finance Uncovered, the BBC, and Seychelles Broadcasting Corporation traced company records and analyzed hundreds of Alpha Consulting documents to uncover more than 900 UK-registered firms set up by nominee directors linked to the Seychelles provider. Notable clients include:
- Russian billionaire Roman Avdeev
- Crypto scion Alexander Vinnik
- Angolan billionaire Isabel dos Santos
Authorities Take Action
The firm’s founder, Victoria Valkovskaya, claimed that using nominee directors was “not something new or illegal in the industry” and that Alpha was not responsible for the actions of the British companies. However, authorities were quick to act:
- Police and financial regulators reportedly swooped in on the Alpha Consulting offices in the capital city of Victoria within hours of the investigation being published.
- The country’s Financial Services Authority confirmed it had opened an investigation into the revelations in the media reports.
Alpha Consulting’s Controversial Past
Alpha Consulting, founded in 2008 by Moscow-born Valkovskaya and her ex-husband Roy Delcy, has been linked to:
- Alleged links to corruption schemes
- A fugitive oligarch
- Unlicensed pharmaceutical sales
The firm’s office administrator and cleaner were among dozens of people allowing their names and signatures to be used on corporate documents to keep the true owners anonymous.
Pandora Papers: A Global Investigation Exposing Financial Fraud
The investigation also revealed that Alpha had provided a director for a company owned by Leonid Reiman, a close friend of President Putin and former Russian communications minister. Alpha claimed it had carried out all required checks on Reiman.
- With 75% of its customer base being Russian in 2019, the firm’s activities have raised concerns about the use of offshore financial services to hide illicit wealth.
- The ICIJ has added more than 800 Russian nationals’ company names and data from the leaked Alpha Consulting files to its Offshore Leaks Database.
A Significant Development in the Pandora Papers Investigation
The raid on Alpha Consulting is a significant development in the Pandora Papers investigation, which has already exposed numerous instances of financial fraud and tax evasion worldwide. The Seychelles authorities are now working to uncover the extent of the firm’s activities and any potential criminal wrongdoing.