Betfair suspected of being used to launder gangster's money

Online gambling agency Betfair is being used by an Australian underworld figure as an online bank and suspected vehicle for laundering millions of dollars of drug money, The Age newspaper reported.

According to Fairfax Media, Horty Mokbel and his associates have been shifting funds between accounts and a Melbourne telecommunications company, Roctel, which Mokbel has a A$1 million dollar investment in.

Citing an underworld source, The Age reported that Mokbel has funnelled about A$3 million through Betfair by using accounts opened by Roctel principals and their partners. It is suspected the funds are the proceeds of drug trafficking.

Mokbel, a convicted drug trafficker, has been banned by Victoria Police from all racetracks and Crown Casino since 2004, raising questions over the integrity of James Packer’s Betfair.

 

Latest Intelligence

Latest issue

PATA CEO sees slow recovery, but optimism for future

AGB Podcasts