Law enforcement officials in the United Arab Emirates have detained Finiko’s top representative for his role in a cryptocurrency Ponzi scheme that defrauded thousands of investors around the world. This is the second Gulf state arrest of a high-ranking pyramid member announced last month.
Finico scammer arrested by Interpol in Russian UAE seeks his extradition
Another person involved in organizing Russia’s largest financial pyramid in recent years, Finiko, has been detained in the UAE. Edward Savilov’s detention in the Arab country follows news of the arrest of Ponzi scheme co-founder Zygmunt Zygmuntovich last month. Both have allegedly played a key role in embezzling millions of dollars from scam victims.
Savilov was placed on the international wanted list on November 12, the Russian public prosecutor’s office told the RIA Novosti news agency. The United Arab Emirates’ Interpol National Department announced his arrest on November 30. Russia’s Interpol State Central Office has already petitioned UAE authorities for a 60-day detention, and Russia has indicated its intention to demand his extradition from the country’s Ministry of Justice.
Another prominent representative of Finiko, Marat Savilov, is still in demand. Investigators believe that the Savilov family has direct ties to the management of the Crypt-His Pyramid, and founder and mastermind Kirill, who has been incarcerated in a Russian prison since July 2021. He has close ties to Doronin. pointing out that there was The plan had fallen apart.
Finiko, which was never incorporated as a legal entity, was based in Kazan, the capital of the Russian Republic of Tatarstan. With branches in more than 70 other Russian regions, it facilitates investments in virtual platforms and generates very high returns of up to 5% per day. Earlier this year, the Russian Ministry of Internal Affairs announced that it had received about 10,000 applications from victims claiming losses in excess of 5 billion rubles (nearly $80 million).
However, the actual damage caused by Finiko’s activities is likely much higher than this. The Ponzi scheme raised money from unsuspecting investors such as Russia, Ukraine and other former Soviet bloc countries, her EU countries such as Germany, Austria and Hungary, and the United States. Many of the victims were asked to transfer cryptocurrency to his Finiko wallet, and Chainalysis reports that the Pyramid will cost him more than $1.5 billion between December 2019 and August 2021. of bitcoins received.
Doronin, Zygmuntovich, Sabirovs, and more than 20 others have been accused of being involved in large-scale fraud. The list includes Lilia Nurieva and Dina Gabdulina, as well as Finiko’s Vice President Ilgiz Shakirov, who was arrested in Tatarstan. Finiko’s executive director Anna Serikova, better known by her pseudonym Tiffany, was also detained.
Do you think UAE law enforcement will also find and arrest Marat Savilov and other Finico members? Let us know in the comments section below.
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