Uruguayan unicorn investigated for alleged scam / Argentina News

Customs will seek to obtain information via the US Treasury and Homeland Security Investigations about the destination of at least US$400 million

By iProfessional

05/26/2023 – 10:55 a.m.

The Government investigates the fintech dLocal, the only Uruguayan unicorn. Previously accused of fraudulent activities, they are evaluating undue maneuvers in the exchange market and transfers abroad made with the purpose of “leaking foreign currency” for close to US$400 million.

Government sources indicated that the company “functions as a mere instrument to take advantage of the exchange gap and take dollars abroad with operations that are not reflected in the accounting.”

They investigate a Uruguayan unicorn for alleged fraud against the Argentine State

“Receives invoices from abroad from its parent company, issues B invoices to foreign clients to justify income and bill companies of the same group. By making this type of invoice, it avoids having to liquidate foreign currency from this export of services,” they detailed to the same medium.

Meanwhile, Customs sources They indicated that they are considering notifying the Securities and Exchange Commission (SEC) of the alleged fraud. the Wall Street regulator, through the US Embassy in Buenos Aires. They will also seek to obtain information via FinCEN, the Financial Crimes Control Network of the US Treasury, and Homeland Security Investigations (HSI) to establish the beneficial owners of the transfers and determine the route of the money that left Argentina. In addition to Customs, the Central Bank, the Ministry of Commerce, the AFIP and the Financial Crimes Unit (UIF) also participate in the investigation.

They investigate a Uruguayan unicorn for alleged fraud against the Argentine State

The company is based in Malta, has a market value of about $4 billion and its local activity “is plagued with intercompany transactions,” according to local authorities. In other words, it sells services to itself. “98% of its income comes from services provided to dLocal Corp. LLP and dLocal LTD. Currency transfers are mainly to Malta and Great Britain and the main beneficiaries are dLocal Corp. LLP, dLocal Limited and dlocal LLP,” he explained.