Yolo Group Founder Tim Heath Fights Off Abduction Attempt

Posted on: October 25, 2024, 06:48h. 

Last updated on: October 25, 2024, 09:15h.

Philip Conneller @casinoorgphilc Read More

Expertise: Gaming Business, Regulation, Tribal Gaming.

An Australian gaming billionaire foiled his abduction by members of an international crime syndicate in Estonia in July, according to court filings.

Tim Heath, an early Bitcoin adopter who made his fortune from crypto gaming brands like Bitcasino.io and Sportsbet.io, was “beaten up” by his assailants but fought back, resisting their attempt to force him into a van, prosecutors said.

The gang posed as decorators working in the hallway of Heath’s apartment block in Tallinn, the Estonian capital.

Estonian authorities believe the attempted abduction was meticulously planned over several months. The would-be kidnappers knew Heath’s movements and had secretly installed a tracking device on his car. They had rented a sauna house on a property via Airbnb in the small village of Voose, about an hour’s drive away, which is where authorities believe they planned to take Heath.

Suspect in Court

The suspects fled on foot after the botched abduction. When police arrived, they found documents and items related to the kidnapping in the van, including a passport belonging to Georgian citizen Ilgar Mamedov.

Mamedov appeared in a Tallinn courtroom this week after being extradited from Lithuania late last month. He was initially held by Lithuanian authorities in a refugee camp because he had no documentation. He denies knowing anything about the kidnapping plan, claiming he met some men who agreed to drive him to Poland. He was denied bail this week.

Prosecutor Lauri Jõgi told the Australian Broadcasting Corporation (ABC) he believed all of the kidnappers were foreign nationals and that financial gain was the likely motive.

In 2017, Heath, 46, founded the investment company the Yolo Group, which holds more than 100 positions in companies related to gaming, fintech, and blockchain, including GAN, Evolution, Green Jade Games, Turbo Games, and Kalamba. His personal fortune was estimated to be AU$2.27 billion this year by The Australian Financial Review.

Bombay Club

The failed kidnapping came just days before the opening of Heath’s $100 million casino hotel for high rollers, the Bombay Club, which is located on the same Tallinn street as his apartment.

Heath didn’t attend the club’s grand opening in August, which surprised some guests, New Zealand news media website Stuff reported.