(Bloomberg) -- Lawyers for Ricardo Salinas Pliego unveiled new details Friday of the loan agreement they allege was part of a scam to con the Mexican billionaire out of hundreds of millions of dollars.

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In a London court hearing, attorneys documented how a financial adviser for Salinas and an employee at one of his companies helped arrange a loan for a Salinas firm in 2021 that eventually totaled $110 million. Salinas’ lawyers allege that representatives for the lender, an affiliate of Astor Asset Management, used fake names and gave the false impression that their firm was related to the fabled Astor family of Gilded Age New York.

In exchange for the loan, the billionaire offered up more than $400 million in shares of his Grupo Elektra SAB as collateral. The stock was placed in the custody of brokers who then transferred them to the lender, unbeknownst to Salinas, his attorneys allege.

Most of that stock was sold in small increments over the course of almost three years, despite account statements that showed it was still being held by the broker, Salinas’ lawyers said in court documents. Some of the proceeds were used to fund Astor’s loans to Salinas, his lawyers alleged.

After winning an initial ruling earlier this year freezing any remaining shares held by the lender and proceeds of share sales, Salinas’ lawyers are asking the court to ignore a request by Astor to lift the order and free the assets. The court has yet to issue a new ruling.

In a separate filing Friday, Astor said the 2021 agreement with Salinas gave it the right to access the billionaire’s shares held as collateral. The fund made it clear to Salinas’ financial adviser in September 2021 that the shares held in collateral would be traded, Astor’s attorneys said.

“To pretend that unfavorable provisions or provisions permitting share lending do not apply to Mr. Salinas is appalling,” said Vladimir Sklarov, who is named as a defendant along with Astor and is described by Salinas’ lawyers as the person with principal responsibility for the lender. In an email Friday, Sklarov said most of his firm’s borrowers understand the terms of their loans.

Salinas’ legal team said — and Astor’s lawyers acknowledged — that Sklarov used an alias in his dealings with the billionaire’s representatives. To them, he was known as Gregory Mitchell. Another person representing Astor in the loan agreement called himself Thomas Mellon but was really a Russian associate of Sklarov’s, according to Salinas’ attorneys.