Fraudsters Scam Mexican Billionaire Out of $400M After Claiming Link to Astor Fortune

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Mexican tycoon Ricardo Salinas Pliego reportedly lost $400 million in a complex “loan‑to‑own” fraud perpetrated by scammers posing as financiers connected to the prestigious Astor family.

Salinas Pliego told the Wall Street Journal that, in 2021, he had sought financing to expand his Bitcoin investments by pledging shares in Grupo Elektra, the major retail and banking company his father founded, as collateral. A Swiss adviser then introduced him to a firm called Astor Capital Fund, which offered generous loan terms and claimed historic ties to the prestigious fur-trading Astor family. 

Believing the lender to be genuine, Salinas Pliego signed a loan deal backed by roughly $400 million in Grupo Elektra stock. However, the scammers swiftly sold off the shares. The illicit proceeds ended up in offshore accounts, entities, and luxury real estate purchases.

Salinas Pliego saw nearly $5.5 billion wiped off Grupo Elektra’s market value after investor confidence collapsed, with shares falling 71% in a day.

The accused leader of the fraud ring, Vladimir Sklarov, denies any wrongdoing. A Ukrainian-born American with a lengthy conviction record, he is accused of using fake identities and prestigious names, including Vanderbilt, Rothschild, and Lehman, to defraud high-net-worth individuals.

A recovery campaign is ongoing.