The Tatarstan court extended the detention period of Kirill Doronin, the founder of Russia’s largest Ponzi scheme. Doronin will be detained for at least two more months because the authorities fear that he may evade law enforcement. Ilgiz Shakirov, vice president of Crypto Pyramid, is also still detained.
Finiko Mastermind Doronin denies house arrest
The Vakhtovsky District Court in Kazan, the capital of the Russian Republic of Tatarstan, has decided to detain the two most famous figures of the Finiko Crypto Pyramid. This week, the court announced that it had extended the detention of Kirill Doronen, who established the Ponzi scheme in December 2018, to November 28. Finiko defrauded hundreds of thousands of investors before his arrest in July this year.
The three lawyers representing the founder of Finiko asked the judicial authorities to put Doronin under house arrest, insisting that he must take care of his wife who is pregnant with his third child. However, the court rejected their request on the grounds of the seriousness of the crime he was accused of and his risk of avoiding investigators, exerting pressure on witnesses and engaging in other criminal activities. The judge also pointed out that he holds a Turkish passport and does not live at his official address.
The local news media Realnoe Vremya quoted Ronin as saying that the Instagram influencer Doronin, who has been linked to other Ponzi schemes in the past, admitted that he is well aware of the risks he takes “as a Phoenician who talks about this country most often. People’s project people.” He insisted that analysis of survey materials showed that his role “does not play a dominant role in asset management,” and said:
I intend to understand what is happening and why I was accused of embezzling public funds.
With the promise of super high returns, Finiko has attracted investors from Russia, Ukraine, and many other countries in the region and beyond, including Kazakhstan, Kyrgyzstan, Hungary, Austria, Germany, and the United States. So far, more than 3,300 complaints have been filed. According to a report by Chainalysis, the Ponzi scheme received more than $1.5 billion worth of Bitcoin in less than two years.
In addition to Doronin, Tatarstan’s authorities also arrested the “Vice President” of the Crypto Pyramid this month, Ilgiz Shakirov, a businessman from Kazan who allegedly attracted 100,000 people participated in the Ponzi scheme and were promoted to the top of the phantom entity. On Wednesday, the Vakhtovsky District Court extended his detention period to the last Sunday of November-the same day that Doronin was given.
The law enforcement agencies of the Russian Republic also detained two women who were members of the Crypto Pyramid team. Another “Vice President” Dina Gabdullina and Lilia Nurieva, who received the so-called “tenth star” status in the Finiko hierarchy, are suspected of using multi-level marketing methods to trick investors into sending more than $10 million to the scam.
The other three co-founders Zygmunt Zygmuntovich and Marat and Edward Sabirov have issued international arrest warrants, and they managed to leave Russia before the investigation began at the end of July. According to media reports, court authorities have allowed investigators to control 12 properties in Zygmuntovich and Kirill Doronin.
What is your opinion on the latest developments in the Finiko case? Let us know in the comments section below.
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