To clean off the funds, Prevezon reportedly turned to a tried-and-true arena: the luxury real estate market. TD Bank, a subsidiary of Canada's Toronto-Dominion Bank, reportedly lent $3m to a unit of Russian firm Prevezon Holdings, despite the latter firm's connections to the largest tax fraud in Russian history. The bank has been under fire for its role in helping wealthy Russians launder money through offshore shell companies and hide their wealth. Although TD Bank launched an investigation, the report, which detailed Prevezon's ties to the Russian government, was supposedly never acted upon and the loan was approved.
TD Bank, a subsidiary of Canada's Toronto-Dominion Bank, reportedly lent $3m to a unit of Russian firm Prevezon Holdings, despite the latter firm's connections to the largest tax fraud in Russian history. The bank has been under fire for its role in helping wealthy Russians launder money through offshore shell companies and hide their wealth. Although TD Bank launched an investigation, the report, which detailed Prevezon's ties to the Russian government, was supposedly never acted upon and the loan was approved.