Finiko Crypto Pyramid Mastermind Arrested in Russia’s Tatarstan

One of the top level Ponzi scheme pyramid based platform executer got arrested in Russia.

Ilgiz Shakirov is a businessman of Kazan and popular in the list of businessmen of Kazan city. Allegedly he was running a Bitcoin based pyramid platform and promised people to give 30% return per month. 

Shakirov attracted around 100,000 people to the Ponzi scheme through his promising technique of high return on the Investment. 

Police in the Russian republic of Tatarstan arrested and now they will also received permanent warrant to take under the custody. 

Finiko Crypto Pyramid Mastermind Arrested in Russia’s Tatarstan 1

Realnoe Vremya reported about it and quoted that the full information about it is still not disclosed by the officials. 

According to the analysis report of the Chainalysis forensic firm, the pyramid scheme based platform received $1.5 billion worth of Bitcoins from December 2019 and August 2021. And around 800,000 different sources invested in this scheme to get 30% return. 

It is still not known how many people were victims of this Ponzi schemes. But it is the biggest scam of modern Russia. 

“it’s clear that Finiko represents a massive fraud perpetrated against Eastern European cryptocurrency users.”

Also, records say that most of the addresses from where Bitcoin received are from Russia, so it is expected that fraudsters catched those people who were speaking Russian language. 

Read also: Robinhood rolls out fee-free recurring crypto buy feature