Raid at the Ministry of Economy in a Money Laundering Investigation Targeting a Russian Billionaire

A Search Conducted as Part of an Ongoing Judicial Investigation

The French Ministry of Economy and Finance was raided on Thursday, March 27, in Paris as part of a judicial investigation into suspected real estate money laundering involving Russian billionaire Suleiman Kerimov, the Paris prosecutor’s office confirmed to H24 NEWS, following reports by Le Monde and Libération.

According to the prosecutor, the searches aim to analyze the tax arrangements surrounding the acquisition of luxury villas on the French Riviera, with an estimated financial stake of over €38 million. These properties were allegedly registered under front companies to conceal the true owner’s identity, a Russian national.

As reported by Le Monde, investigators are particularly interested in a tax settlement reached in 2019 between the French tax authorities and Suleiman Kerimov.

Suleiman Kerimov: A Russian Oligarch Under Scrutiny

Originally from Dagestan, Suleiman Kerimov is one of Russia’s wealthiest individuals, with a fortune exceeding $10 billion, according to Forbes. Since Russia’s invasion of Ukraine in February 2022, he has been on the European Union’s sanctions list, with his assets frozen.

According to his lawyer, Nikita Sichov, the tax restructuring under investigation involved transferring ownership of the Cap d’Antibes villas to companies controlled by Gulnara Kerimova, Kerimov’s daughter, who has since been paying more than €4 million annually in real estate wealth tax.

A Legal Case Dating Back to 2014

French authorities have been investigating Suleiman Kerimov for years. The case began in 2014 in Nice, during a routine drug enforcement surveillance operation. Investigators detected suspicious movements of large sums of cash, leading them to examine the 2008 purchase of the “Hier” villa in Antibes. Officially, the property was acquired for €35 million, but investigators believe the actual price paid was €127 million.

Several intermediaries, including a notary, a real estate agent, a lawyer, and an administrator, have been indicted in connection with the case, with some still facing legal proceedings.

Kerimov’s arrest upon landing in Nice on a private jet in November 2017 sparked strong protests from Moscow. At the time, prosecutors estimated that between €500 million and €750 million had been funneled into France illegally. However, his lawyers successfully overturned his indictment.

In August 2022, a report from Tracfin, France’s anti-money laundering unit, reignited suspicions surrounding the oligarch. On March 27, it was also revealed that the National Jurisdiction for Organized Crime Cases is handling this latest investigation.

This raid marks a new phase in a decade-long case that has raised serious concerns about money laundering practices in France’s luxury real estate sector.