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Russian police hunt crypto-Ponzi scheme founders 

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The Russian police are currently investigating an incident involving a cryptocurrency Ponzi-scheme that has stolen $95 million worth of investors’ money. 

Last month, 100 investors complained to the police and reported about a financial organization named “Finiko.” 

Investors said this organization has wiped out millions of rubles, and according to reports, this amount may have possibly reached 7 billion rubles, which is currently valued at $95 million. 

Hunting three Finiko co-founders

The authorities are now tracking down Edward and Marat Sabirov and Zygmunt Zygmuntovich, who are the co-founders of Finiko. Their location is still unknown and is currently on the Russian wanted list since August 11. 

But the police were able to detain one of Finiko’s co-founders, Kirill Doronin, last July 30. Doronin was found to have been involved in a previous large-scale fraud. 

The court also found out that Doronin was able to obtain Turkish citizenship prior to his arrest on the pretext of starting a trading business in Turkey. 

Ongoing case

The prosecution requested that Doronin be detained until the end of September, but the defense submitted a counter request of house arrest. The defense justified this request by highlighting Doronin’s wife’s pregnancy. 

The authorities opened the Finiko case last December 2020 and, on top of that, the Bank of Russia has marked Finiko as a Ponzi-scheme-related organization. 

In light of this incident, Rosfinmonitoring, a Russian financial watchdog group, has developed an advanced crypto tracking tool system that can help authorities in cracking down on cryptocurrency-related crimes. 

Its abilities include targeting crypto wallets that are suspected to have ties in criminal activities and monitoring the crypto market to widen its investigation scope. 

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/russian-police-hunt-crypto-ponzi-scheme-founders/

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