Many times as a writer I have come across various scams and Ponzi always prevailing upon the cryptocurrency industry. And so nothing is a shock or a surprise in regards to it. Likewise, the Finiko Ponzi has been in play for a long time and soon it was found to be a scam and a Ponzi.
However, the responsible key persons were on the run constantly making it hard to debunk the Finiko scam and make justice for the investors who lost their digital assets. Despite all these tragedies, finally the Russian government managed to arrest the vice president of Finiko.
Finiko Vice President’s Arrest
After a long time of search operations, finally the Russian police managed to corner the vice president of Finiko, Ilgiz Shakirov, one of the key founders of the Finiko ponzi scheme. The arrest was made by the Russian police in Tatarstan, a republic of Russia near the eastern Europe side.
Ilgiz Shakirov, is actually a prominent businessman from the capital city of Kazan. Besides being a businessman, Shakirov used his fame and popularity to lure various and numerous investors upon the Finiko scheme. In spite of bringing many investors to the scheme, Finiko made Shakirov the vice president of the firm and the scheme.
Accordingly, the report says that Shakirov lured many investors to Finiko by promising them returns as high as 30% monthly. In spite of this, between the period of December 2019 to August 2021, Finiko has received about more than $1.5 billion in Bitcoin (BTC). Also all these deposits were from different wallets and different countries, estimating to about almost 800,000 deposits.
However, upon the whole scheme it has been found that Shakirov has lured mostly people in Russia and other eastern Europe surrounding countries to Russia.
The Police Investigations
In spite of the arrest, the Russian police requested for the permanent arrest of Shakirov. This is to continue their further investigations. Also, before Shakirov, the only other one to be caught was the head flounder of Finiko, Kirill Doronin. Kirill Doronin is a famous influencer basically on instagram. In addition Doronin was previously arrested in links with various other ponzis before Finiko.
Furthermore, it’s estimated that so far the scam accounts to about $95 million overall. However, only a few came forward and were identified as legit investors who lost their digital assets upon the Finiko ponzi.
Accordingly, the police have issued an international arrest warrant for other three key members and associates of Dorian. Also, it’s speculated that these three along with Dorian are responsible for the theft of $95 million.
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