In short
- The founders are accused of routing ICO proceeds to an offshore bank in Vanuatu and using the funds for luxury real estate purchases.
- Authorities have frozen assets linked to the founders and seized property held by Eternity Ventures Foundation and Justas Dobiliauskas.
What happened
Lithuania’s Financial Crime Investigation Service (FCIS) formally issued notices of suspicion to Bankera’s three co-founders, accusing them of unlawfully dissipating high-value assets after raising more than 100 million euro from over 100,000 investors in an ICO. The founders allegedly routed over 45 million euro of these funds to Pacific Private Bank in Vanuatu, which they had acquired, and used the money for personal loans and luxury real estate.
In late August, prosecutors froze key assets tied to the operation, including high-end real estate in Vilnius and Kaunas held by Eternity Ventures Foundation and personal property owned by Dobiliauskas. Despite executive turnover and the rebranding of UAB Bankera to BankingLab Technologies, the three founders remain listed as ultimate beneficial owners across several entities.
Authorities confirmed that formal notices of suspicion were issued to the founders—Mantas Mockevičius, Vytautas Karalevičius and Justas Dobiliauskas—for the unlawful dissipation of high-value assets.
In numbers
- 45 million euro ($49 million) allegedly siphoned investor funds
- 100 million euro ICO funds raised
- over 100,000 retail investors
Named in this item
What compliance teams should check
- Review exposure to UAB Bankera, BankingLab Technologies, and Eternity Ventures Foundation for ongoing or past business relationships.
- Screen for transactions involving Pacific Private Bank in Vanuatu and related luxury real estate acquisitions in Europe.
- Update beneficial ownership records to reflect continued control by Mantas Mockevičius, Vytautas Karalevičius, and Justas Dobiliauskas despite executive turnover.
Why it matters
This case highlights the risks of inadequate due diligence and ongoing monitoring in the cryptocurrency and fintech sectors, especially regarding ICOs and complex cross-border structures. The alleged siphoning of 45 million euro in investor funds, asset freezes, and continued beneficial ownership by the founders despite corporate restructuring underscore the importance of robust beneficial ownership checks, transaction monitoring, and asset tracing for AML/CFT compliance. Compliance officers must remain vigilant for similar typologies involving offshore entities and rapid executive turnover.
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