Co-founder of ‘Finiko’ Pyramid Extradited from UAE to Russia

UAE extradites 'Finiko' co-founder to Russia for criminal charges.

The UAE has facilitated the extradition of Edward Sabirov, co-founder of the ‘Finiko’ pyramid scheme, to Russia to face criminal charges. This was reported by the Prosecutor General’s Office.

He is accused under Part 1 of Article 210 of the Russian Criminal Code (establishment of a criminal community) and Part 4 of Article 159 (fraud committed by an organized group on a particularly large scale).

“From September 2018 to July 2021, Sabirov, along with accomplices, acting as part of a criminal community, disseminated knowingly false information about guarantees of return on funds invested in the ‘Finiko’ internet project and the possibility of obtaining super-profits, embezzling over 179 million rubles from investors,” the release states.

The accused fled from law enforcement in December 2021, after which he was placed on the international wanted list.

His brother Marat Sabirov and another scheme organizer, Zygmunt Zygmuntovich, remain at large.

‘Finiko’ operated from 2019 to 2021 in Russia, Kazakhstan, and several other CIS countries. It offered clients investments in “high-yield investment schemes” in real estate and cryptocurrencies.

Independent estimates suggest the total damage from the fraudsters’ activities exceeds $4 billion. The number of victims is no less than 850,000 people.

Since 2021, one of the pyramid’s founders, Kirill Doronin, has been in custody.

In May 2024, a Russian court found guilty privileged ‘Finiko’ participant Lilia Nuriyeva of fraud and participation in a criminal community, sentencing her to 4.5 years in prison.