Bank of Russia warns about cryptocurrency pyramids targeting pensioners

In Moscow and the Moscow region, scammers have stepped up their activity, offering pensioners an opportunity to earn extra income through investments in digital assets. The information was reported by the Bank of Russia’s Main Directorate for the Central Federal District.

In the first half of 2021, the regulator identified 78 financial companies in the region with signs of illegality. Of these, 27 operated as pyramid schemes. They masked themselves as consumer cooperatives and attracted potential investors with promises of higher returns.

One such company—the International Production Cooperative “Paramainex Finance”—offered clients investments in cryptocurrency, agriculture, construction, and wholesale equipment supplies.

“The organizers promised returns of up to 25% per year and an allegedly guaranteed safety. At the same time, the company did not carry out real business activity, and outreach to potential clients was mainly through cold calling,” the Bank of Russia said.

A consumer cooperative “AgroPromVklad” with offices in Moscow and other Central Federal District cities carried out similar activities. It took money “as a profitable alternative to bank deposits” and promised returns of up to 10.5% per year. The cooperative also announced drawings of valuable prizes among members, the central bank said.

The Bank of Russia forwarded information about the identified illegal organizations to the prosecutor’s office, Roskomnadzor, the FAS and other competent authorities.

At the end of July, police arrested the founder of the Finiko pyramid Kirill Doronin. He was remanded in custody until September 28.

Three of his partners—Edward and Marat Sabirov, as well as Zygmunt Zygmuntovich—have managed to leave Russia. They have been put on the wanted list.

Read more about the collapse of “Finiko” in ForkLog.

Founders of the Finiko pyramid are suspected of an exit scam

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