French judicial authorities have opened a criminal investigation into Svetlana A., a 45-year-old woman born in Russia who became a French citizen in 2017, according to a report by Le Monde cited by ChainCatcher. A Paris investigating judge has placed her under formal investigation and in pre-trial detention on allegations including organized fraud, aggravated money laundering, and participation in a criminal group. The French National Financial Prosecutor’s Office said she and her British partner, Robert H., are suspected of carrying out organized fraud through the manipulation of cryptocurrency prices. Prosecutors also suspect that related funds were used to acquire real estate in Dubai. The report says Svetlana A. spent more than €50 million in 2022 alone to buy about 100 apartments and three luxury villas in Dubai, generating at least €4 million in rental income between 2022 and 2025. It also says she bought an entire building containing 73 apartments for 68 million dirhams, or about €17.4 million. The cryptocurrency named in the report is Verasity (VRA), launched by Robert H. in 2018. VRA rose 65-fold over two and a half months in spring 2021, then fell sharply and now trades about 99.98% below its all-time high. Her lawyer said the origin of the wealth is documented and lawful, and that she denies any wrongdoing. The case remains under investigation.
French authorities have placed Svetlana A., a 45-year-old woman born in Russia and naturalized as a French citizen in 2017, under formal investigation and in pre-trial detention, according to Le Monde as cited by ChainCatcher. A Paris investigating judge is examining allegations of organized fraud, aggravated money laundering, and participation in a criminal group.
The French National Financial Prosecutor’s Office said Svetlana A. and her British partner, Robert H., are suspected of carrying out organized fraud by manipulating cryptocurrency prices. Investigators also suspect that some of the funds were used to buy property in Dubai.
Dubai real estate purchases cited in the report
Le Monde reported that Svetlana A. spent more than €50 million in 2022 alone to acquire about 100 apartments and three luxury villas in Dubai. Those properties generated at least €4 million in rental income from 2022 to 2025.
The report also says she purchased an entire building containing 73 apartments for 68 million dirhams, or about €17.4 million.
Verasity (VRA) named in the case
The cryptocurrency mentioned in the report is Verasity (VRA), which Robert H. launched in 2018. VRA rose 65-fold over two and a half months in the spring of 2021 before falling sharply. It is now down about 99.98% from its all-time high.
Her lawyer said documents show the wealth came from lawful sources and said she denies any wrongdoing. The investigation is ongoing.
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