Finiko, one of the founders of Russia’s most notorious cryptocurrency pyramid scheme in recent years, has been deported by the United Arab Emirates (UAE).
Thousands of victims in the post-Soviet region and around the world lost millions of dollars in bogus investment projects, Moscow officials recalled.
Finico co-founder handed over to Russia’s Interpol
UAE authorities have deported individuals involved in the creation and operation of the large-scale Ponzi scheme Finiko, Russian media reported.
The financial pyramid collapsed several years ago, causing severe financial damage, but investigations into its activities and the manhunt for some of its organizers continue.
The news of the deportation was announced by Irina Volk, the official representative of the Russian Ministry of Internal Affairs (MVD).
He told TASS that “a person accused of founding and leading a criminal organization and, in particular, large-scale fraud” was transferred to a Russian detention center at Dubai airport on Wednesday.
Volk explained that the suspect was handed over by the competent UAE authorities to members of the MVD National Central Bureau (NCB). The NCB, known as Russia’s Interpol office, is responsible for international police cooperation.
Russian officials did not say whether this was part of standard extradition procedures or some other arrangement, nor did they reveal the identities of those deported.
An MVD spokesperson said only that preliminary investigations show that the alleged perpetrator co-founded Finiko, an online platform that functioned as a Ponzi scheme between 2018 and 2021.
Scam organizers lured investors with promises of high returns on the funds raised to acquire stocks, securities, and digital assets. It accepted payments in cryptocurrencies and sold its own token called FNK. However, no actual investment has been made on behalf of the customer.
Irina Volk summed it up as follows:
“As a result of the illegal acts, more than 7,700 victims suffered significant damages totaling more than 1 billion rubles ($12.7 million).”
Finico’s long story continues to unfold
Volk stressed that the Investigative Service of the Russian Ministry of Internal Affairs is investigating the criminal case.
The individual, who was handed over to Russian authorities, fled the country after the collapse of the cryptocurrency pyramid in 2021 and was placed on an international wanted list. Volk further elaborates:
“Thanks to a series of measures taken through Interpol, the suspect was identified in November 2022 and taken into custody in the UAE.”
This deportation is based on a joint effort by the National Central Office of the MVD. interpol and the Prosecutor General’s Office of the Russian Federation.
The person’s transfer to the Russian side was agreed upon in negotiations with representatives of UAE law enforcement agencies.
The alleged Finico members have not been identified, but high-ranking members of the Ponzi scheme have been arrested in the UAE in the past.
Although Finiko was never formally incorporated, it was based in Kazan, the capital of the Russian Republic of Tatarstan, and had offices throughout the country.
It is known to have been run by several co-founders and their accomplices. Among them was Kirill Doronin, the alleged Pyramid mastermind who was arrested in the summer of 2021.
Ilgiz Shakilov, vice president of the phantom company and Doronin’s agent, was arrested in his native Tatarstan in the fall of that year. He was one of more than 20 defendants in a case. criminal case It started in Russia.
According to Russian media reports in 2022, co-founder Zygmunt Zygmuntovich left the country on time to avoid detention, but was later detained in the Emirates.
Zygmuntovic was wanted by Russian authorities, along with Finiko’s senior aides Marat and Edward Savilov. Edward was arrested again in the UAE in 2022.
The actual loss due to the activity is pyramidinvestors from several former Soviet Union countries other than Russia, EU countries such as Germany and Hungary, as well as the United States, are believed to be much higher than official Russian estimates.
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