We are treating this matter seriously and have immediately launched an investigation into the allegations. Crown will ensure regulators, the royal commissions, and other relevant authorities are informed and updated as required,\u201d said Crown in a statement.<\/strong><\/p><\/blockquote>\nAustralian media allegations against Crown of financial misconduct led to a licensing suitability investigation in New South Wales that stripped the company of its Sydney license.<\/p>\n
Regulators found that Crown\u2019s VIP gambling division facilitated money laundering and conducted business with foreign junkets that had links to organized crime.<\/p>\n
The loss of its license has prevented it from opening the gaming facilities at its US$2 billion Crown Sydney property as planned.<\/p>\n
Put it on the Room<\/strong><\/h2>\nMeanwhile, an investigation in the state of Victoria reviewing Crown\u2019s Melbourne license heard last week that the company facilitated the movement of more than A$160 million (US$120 million) out of China over four years.<\/p>\n
Crown allowed high rollers to make payments from Chinese credit cards to hotel reception for rooms that did not exist. The transactions were then converted to cash for the patrons to gamble with at the casino.<\/p>\n
The system required the creation of fake invoices for the bogus rooms, possibly in violation of Australian law.<\/p>\n","protected":false},"excerpt":{"rendered":"
A fugitive fraudster accused of running a A$325 million (US$245 million) Ponzi scheme passed $8 million of his clients\u2019 missing funds through the Crown Melbourne Casino, Australian newspaper The Age reports. Michael Gu, whereabouts unknown, is the founder of Sydney-based property group iProsperity, which collapsed last year owing hundreds of millions to investors. Authorities believe […]<\/p>\n","protected":false},"author":36,"featured_media":178690,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[],"acf":[],"yoast_head":"\n
iProsperity Fraudster Siphoned $8M Through Crown Melbourne<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n