Crypto Scam: Russian Court Upholds Arrest Warrants for 3 Finiko Founders

Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

WP Rocket - WordPress Caching Plugin

Must Read

Babafemi Adebajo
Babafemi Adebajo

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

The apex court in Tatarstan, a republic of the Federation of Russia, has just upheld the warrants issued for the arrest of three co-founders of the Finiko crypto pyramid. This decision comes after a failed move to appeal against the arrest warrants issued against the top officials of the scheme. According to media reports, the co-founders of the large-scale scam in Russia are presently at large and have since gone into hiding. 

Three Finiko crypto scam members remain on the wanted list

A Supreme Court in Russia has just upheld the arrest warrants issued in absentia for three men who are reportedly very close associates of Kirill Doronin, founder of Finiko. The wanted men are; Edward Sabirov, Marat Sabirov, and Zygmunt Zygmuntovich. 

Also Read

This is not the first time Doronin has been linked to fraudulent schemes and the Instagram influencer was arrested back in July. Earlier this month also, authorities rounded up the firm’s vice president, Ilgiz Shakirov, alongside two females who are reported to have lured thousands of victims with the promises of unbelievable returns.

The Sabirov brothers together with Zygmuntovich, however, managed to escape the wave of arrests as they left the country soon enough. During the hearing at the court, the three suspects were represented by government-appointed lawyers who sought to overturn earlier decisions to pursue their arrests even internationally.

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

The defense attorney to Marat Sabirov, Gulnaz Nafieva, made her case during the proceedings. She insisted her client was already out of the country at the time that the criminal case was being initiated. This argument, however, did not fly as the court did not give in to her appeal to revoke Sabirov’s arrest warrant, reports

There are numerous unconfirmed reports and rumors regarding where the 3 fugitives could be hiding. While some investigators strongly believe they must have escaped to the United Arab Emirates through Belarus, others believe they are actually in Turkey.

Meanwhile, according to official reports, total losses to this crypto scam have already exceeded 1 billion rubles (about $14 million). This is the biggest of such fraud in Russia in recent years, thereby forcing the federal Ministry of Interior to fully take over the investigation.

Victims of the scam were not limited to Russian citizens alone, as the crypto pyramid scheme saw investors from across a good number of countries in the region and even beyond. Over 3,300 official complaints have been lodged so far, from countries like Austria, Hungary, Germany, Kazakhstan, Kirgizstan, and even the U.S. 

iThemes WordPress Hosting

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.



- Advertisement -
- Advertisement -


Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.


Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.


OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.


- Advertisement -
- Advertisement -
India to Produce Upcoming iPhones: Trade Minister Japanese Professor Developed A Power Semiconductor made of Diamond Google Releases New Product for India’s Merchants Indian EV Startup Unveil Two AutoBalancing Electric Scooters OPPO Find X6 Pro Images Render via Weibo Sony Develops New Tech to Reduce Noise of Image Sensors Tesla’s S & Y Models Earn Best-in-Class Cars of 2022 India Approved $320m to Promote Homegrown Payments Network Twitter Roll Out TikTok-like ‘For You’ Timeline on iOS Nothing Phone Enters US with Beta Membership Program
Finally! Apple’s VR Headset Coming this Spring Harvard Scientists Develop New Cell Therapy to Kill, and Prevent Brain Cancer HTC Vive XR Elite VR/AR Headset Now Selling for $1099 Realme 10 Launched in India with Helio G99 Gaming Chipset Twitter Data Breach Revealing User’s Private Information Instagram New Feature to Create Albums With Friend Redmi Note12 Pro Plus Launched in India POCO C50 Launched in India