Everything about Hushpuppi's life reads like a movie script. From growing up in poverty to the eventual rise to riches, followed by the swift and sudden fall from grace amidst multiple criminal charges. Born Ramon Olorunwa Abbas in Nigeria, Hushpuppi is no stranger to controversy and public scrutiny. Just how rich is the flamboyant Dubai-based Nigerian, and how did his wealth come to be?
Here is a look at everything about the flashy Nigerian's wealth.
How much is Hushpuppi's net worth
Hushpuppi has constantly appeared on lists of wealthy Nigerians from time to time. He reportedly owns numerous cars, several houses, and other expensive properties. Hushpuppi's net worth in 2021 is estimated to be $35.5 million (about ₦14.4 billion).
Hushpuppi's Instagram followers can attest to the fact he has never shied away from showing off his exotic car collection. The only aspect of his lifestyle possibly flashier than his car collection is his designer clothes.
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Here is a look at the cars Hushpuppi owns.
- Rolls Royce Cullinan: In 2019, British car manufacturer Rolls Royce decided to follow industry trends and create its first-ever SUV. Given the brand's heritage and knack for quality, the resulting Rolls Royce Cullinan was an ultra-luxurious vehicle.
- Ramon allegedly acquired his Cullinan for about ₦126 million (about $306,703, which is about the price the Cullinan currently costs).
- Bentley Bentayga: The Bentley Bentayga currently costs between $156,900 and $235,700 and is the top=of-the-line SUV from the Volkswagen-owned British carmaker, Bentley. Hushpuppi Is said to have acquired his in 2019 for about ₦84 million.
- Rolls Royce Wraith: A significant number of car enthusiasts agree that there is nothing else like the Rolls Royce Wraith. It is hands down the best-appointed comfortable couple today. Ramon reportedly purchased his for a whopping ₦100 million and immediately took to Instagram to flaunt his new ride.
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Here is a look at some other expensive car models the Nigerian owns.
- Brabus G-Wagon
- Bugatti Veyron
- Ferrari 458 Italia
- Ferrari 488 GTB
- Lamborghini Aventador
- Mercedes-Benz G-wagon
- Mercedes-Benz Maybach S650
- Range Rover Sport
Prior to his arrest in 2020, the Dubai-based tycoon was building a massive house in Lagos, Nigeria. However, not much is known about the value of the house. Additionally, Hushpuppi once gave his Instagram fans a virtual tour of his suite at an expensive Dubai hotel.
Source of wealth
When Hushpuppi relocated from Nigeria to Malaysia, his fortunes began to change. Since that time, he quickly moved from rags to riches, a situation that made many people question the source of his wealth. Some speculated that his fortunes were the result of some powerful 'friends.'
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Allegations about his source of wealth
After his sudden rise to riches, people began questioning the source of Hushpuppi's wealth. Some said he was a gambler, while others insisted that he was a fraudster of some sort. Still, none of these allegations was ever confirmed at the beginning of his rise.
All this time, Hushpuppi insisted that he worked his way to the top and even shared a profound post on social media highlighting his struggles when growing up and what it took to get to where he was.
In June 2020, details about Hushpuppi's source of wealth began to emerge when Interpol arrested him in Dubai for alleged cybercrime offences. He was then extradited to the United States of America, where he would later face charges for conspiracy to launder money.
Part of the charges included the use of business email compromise to defraud individuals and organizations and other scams and schemes. For example, it is said that Hushpuppi defrauded an American law firm of $40 million, targeted to steal $124 million from an English football club, and illegally transferred $14.7 million from a foreign financial institution.
Additionally, the FBI stated that the Nigerian, along with his counterparts, had defrauded a New York law firm out of $922,857 back in 2019. The business email compromise scheme is an elaborate scam that begins with the creation of email addresses that almost resemble those of actual firms.
Law firms and other organizations that frequently perform wire transfers are usually the primary targets. The attacker then obtains unauthorized access to resources and accounts related to the business email by assuming its owner's identity. They can then defraud the organization's employees, partners, customers, and debtors.
On the day of Hushpuppi's arrest, the police reportedly found about $40 million in cash, more than 800,000 emails, external hard drives, 47 smartphones, 21 laptops, and 13 luxury vehicles worth a combined $7 million.
At the time of arrest, Hushpuppi's lawyer, Gal Pissetzky, insisted that his client was not a fraudster and had accumulated his wealth from legitimate real estate businesses.
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At the time of his arrest, Hushpuppi, through his attorney, maintained that the money laundering allegations levelled against him were false. However, the ostentatious Nigerian took a U-turn on his stance when his trial drew closer.
He agreed to plead guilty to a conspiracy to engage in online fraud and money laundering. However, much of the details of his plea agreement with the US agreement were not released to the public. To date, many of the filings in Hushpuppi's case remain sealed.
In the agreement, Ramon is said to have admitted to laundering money from a Malta bank heist as well as the proceeds from a business email compromise on an unnamed English Premier League club, an American law firm, and a UK firm.
Some of Hushpuppi's crimes were allegedly committed with the assistance of North Korean state-sponsored computer hackers.
Conditions of the plea bargain
Here are some of the details about Hushpuppi's plea bargain agreement that were released to the public.
- Full restitution: Hushpuppi will be expected to pay full restitution to his victims. Additionally, the agreement stated that the court might order Ramon to pay restitution to people other than those mentioned during his criminal charges. The restitution payments could also be more than the figures mentioned in court during his arraignment.
- No right of appeal: Hushpuppi also agreed to waive his right to appeal his sentence unless he made the plea bargain involuntarily.
- Sentence: The exact sentence was not agreed on. Still, Hushpuppi is to receive a two-level reduction in his sentence based on the existing sentencing guidelines.
The maximum penalty for the crimes Hushpuppi has been charged with includes a 20-year prison sentence, three years of supervised release and a fine of half a million dollars or two times the gain or loss resulting from the crime, whichever is bigger.
Was Hushpuppi released?
Sometime after his detention by the American authorities, there were rumours that Hushpuppi had been released. This came after a report appeared on the American Bureau of Prisons website. The report showed Ramon's status as 'released.'
However, his Chicago-based attorney denied the rumours. He said that the 'released' status was only so because his client had been transferred from Illinois to California. His sentencing was set to take place in October 2021, although details of whether or not it happened have not been given to the public.
Where is Hushpuppi now?
So, where is Hushpuppi right now? He is currently being held in the United States until his sentencing.
Hushpuppi is undoubtedly one of the most-known controversial Nigerians of the modern-day. His rapid rise from rags to riches, extravagant lifestyle, and eventual arrest are just some of the aspects that make him undeniably famous.
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