Swizz Beatz has been accused of allegedly receiving over $7 million in stolen funds. The producer was named in billion-dollar fraud lawsuit filed on Oct. 2.
According to the legal filing, Beatz was paid millions from the 1Malaysia Development Berhad corruption scandal. The lawsuit accused Jho Low and Eric Tan of stealing billions and misappropriating funds. Low took the money to associate with some of Hollywood’s elite. One of these celebrities included Beatz, whose real name is Kasseem Daoud Dean.
“As the 1MDB Fraud was underway, Jho Low became a well-known figure in the Hollywood scene and developed a reputation as a businessman with deep pockets and a penchant for hosting lavish, star-studded parties and group vacations,” the lawsuit read, as reported by AllHipHop. “Throughout the early 2010s, Low befriended many U.S. celebrities including Dean and his wife Alicia Keys.”
The lawsuit continued, also stating that between September 2012 and September 2014, Jho Low and his associate, Eric Tan, had the money illegally transferred to Beatz. Multiple payments, ranging from $1.5 million to $800,000 and $300,000, also went to the producer throughout the two-year period. After the scam became public, liquidators sued the entertainer to retrieve the stolen funds.
“Between Sept. 21, 2012 and Sept. 4, 2014,
Jho Low and/or Eric Tan caused the debtors to transfer $7,300,000 to defendants and, during that same time period, the debtors did not receive any money back from the defendants or any other consideration from the defendants in exchange for the fraudulent transfers,” detailed the legal filing. “Consequently, a net amount of $7,300,000 was conveyed from the debtors to the defendants.”While unclear if Beatz was aware of the
illegal nature of the payments, the plaintiffs are still seeking damages. The lawsuit asked for $3.3 million from Beatz’s production company, as well as $2.2 million directly from the producer himself.RELATED CONTENT: Alicia Keys, Swizz Beats Host Opening Night Gala In ATL For ‘Giants’ Art Collection