- A top ranking member of the Russian Finiko Ponzi scheme has been arrested in the UAE
- Edward Sabirov’s arrest takes the number of arrests over Finiko to nearly double figures
- Finiko promised huge returns to crypto investors but stole tens of millions of dollars
A top ranking member of the Finiko Ponzi scheme, which stole $1.5 billion worth of cryptocurrencies from Russian and Ukrainian victims between 2019 and 2021, has been arrested in the United Arab Emirates. Edward Sabirov’s arrest takes the number of arrests over Finiko to nearly double figures, leaving just one individual connected with the scheme still at large, 17 months after the platform halted operations.
Up to $80 Million Stolen
Finiko was established in the Russian city of Kazan by Instagram influencer Kirill Doronin in December 2019, promising cryptocurrency investors returns of up to 30% per month, as well as the chance to purchase apartments and cars at a discount. Doronin was the face of the project, with his history of running pyramid schemes being unknown to investors.
Finiko halted all payments and platform withdrawals in July 2021, with Doronin announcing on Instagram that he no longer had access to investors’ funds. The value of the associated token crashed to pennies just weeks after hitting a high of $107. Losses to customers have been put at $34-$80 million, with the number of individuals affected thought to number in the hundreds of thousands.
International Arrests Continue
All those involved in the Finiko scam split after shuttering the platform, with Doronin, Finiko’s vice president Ilgiz Shakirov, and two women, Lilia Nurieva and Dina Gabdullina, all arrested shortly afterwards. Three other arrests have taken place since then, including Sabirov’s recent apprehension, leaving just one man, Marat Sabirov (no relation), on the run.
In September last year, Government-appointed lawyers appealed the initial decision to seek the international arrests of the other Finiko members, but this was rejected by the court, leading to all the arrests that have taken place in the months since.
