Law enforcement officials in the United Arab Emirates have apprehended a high-ranking member of the notorious crypto pyramid Finiko. He is wanted in connection to the Ponzi scheme that cost thousands of investors around the world. This is the second arrest of a major figure in the Gulf region in the past few weeks.
Interpol UAE Arrests Finiko Fraudster, Russia Seeks Extradition
The arrest of another individual involved in the biggest financial pyramid organisation in Russia in recent years, Finiko, was made in the United Arab Emirates. Edward Sabirov was added to an international wanted list on November 12. The United Arab Emirates National Bureau of Interpol announced his arrest on November 30. The Russian Interpol National Central Bureau has already requested a 60-day stay in detention by the UAE authorities and the Russian Ministry of Justice has expressed its intention to ask for his extradition.
Marat Sabirov, another one of Finiko’s high-profile representatives, is still wanted. Researchers note that both Sabirovs were close associates of the pyramid’s founder and mastermind, Kirill Doronin, who has been in a Russian jail since July 2021. Along with Zygmuntovich, they managed to escape as the scheme collapsed.
Finiko, though never created as a legal entity in any form, was founded in Kazan, the capital of the Russian Republic of Tatarstan. More than 70 branches were established in other countries, offering high returns up to 5% per hour, which were promoted through an online platform. Earlier this year, the Russian Interior Ministry announced they had received around 10,000 complaints from victims claiming losses of over 5 billion rubles (about $80 million).
However, the actual damages caused by Finiko’s activities are expected to be even higher. The Ponzi scheme drew in money from unsuspecting investors in Russia, Ukraine, other countries in the former Soviet space, EU nations such as Germany, Austria and Hungary, the United States and elsewhere. Many of the victims were asked to pay in cryptocurrencies. According to a Chainalysis report, the pyramid received more than $1.5 billion worth of Bitcoin between 2005 and 2009.
In addition to Doronin, Zygmuntovich and the Sabirovs, more than 20 other people have been charged with being involved in the fraud. The full list includes Lilia Nurieva, Dina Gabdullina, Finiko’s vice-president Ilgiz Shakirov, who was taken into custody in Tatarstan, and the company’s CEO Anna Serikova, who is better known as Tiffany, who was also taken into custody.
Do you think that UAE law enforcement will also be able to locate and apprehend Marat Sabirov or any other Finiko members? Leave your comments below.
