The London-based hedge fund manages assets including in the cryptocurrency market
The Queen Elizabeth Hedge Fund, like other funds of this type, is engaged in monitoring the legality of client investments. QEHF also monitors that clients are not potential investors, the owner of capital is not an illegal activity.
For all that, QEHF is now accused of laundering illegal funds in bank accounts.
How money is laundered with bank accounts
The Queen Elizabeth Hedge Fund has been accused of a number of money laundering violations. QEHF is charged with a number of violations:
- escort of proxies and non-business accounts, including with transactions of nominee holders;
- cash accounts with a high degree of debt burden;
- conducting large transactions without a commercial purpose;
- insufficient collection of information or the use of deliberately false data when opening accounts;
- making several payments with the same number during the day;
- payment of third party checks;
- increasing deposits with the attraction of client money, trust accounts and internal legal entities;
- hiding banking information;
- failure to provide “regular” banking services;
- repeated receipt of payments from individuals without explanation.
What’s going on with the fund
At the moment, the Queen Elizabeth hedge fund is under the scrutiny of Interpol. From October 10, 2020, all accounts of all foreign QEHF customers and all transactions carried out will be subject to. Already, suspicions look weighty enough to block absolutely all hedge fund accounts.
The measures being implemented certainly could not but cause discontent among many clients of Elizabeth’s hedge fund. Owners cannot access equity capital. For the staff of the hedge fund, it is still more sad, in addition to the seizure of all keys and equipment, a number of arrests of the company’s top managers were carried out.
Already, the company is facing fines in the amount of more than 280 million pounds and at the same time, they will most likely not be avoided. The investigation continues and the situation will only get worse. The hedge fund will go bankrupt in the near future.
The investigation continues, and judging by the entire project, in addition to the Queen Elizabeth hedge fund, there are also a number of financial regulators: three investment funds in the UK and one from Austria. It is possible that during the investigation the circle of defendants will continue to expand.
The chances are high that the clients of the Queen Elizabeth hedge fund will never gain access to their accounts and will not get their money back. There is a well-founded suspicion that all the activities of the hedge fund are just imitation, and all the money has long been withdrawn to offshore accounts.
