عملية احتيال دائرة QBF وNOA: تغطية شاملة من منافذ الأخبار الرائدة | QBFExpose.com

The pyramid lacked one presiding judge. A panel of three judges will consider the case of the grandson of the former chairman of the Central Bank.

24.10.2023, 01:06 by Alexey Sokovnin, Oleg Rubnikovich

Hearings of the criminal case on particularly large-scale fraud committed under the banner of the investment company QBF have begun in the Presnensky Court of Moscow. According to the investigation, the defendants, among whom is Stanislav Matyukhin, the grandson of the former chairman of the Central Bank, Georgy Matyukhin, stole more than 2 billion rubles from hundreds of depositors who believed that their funds were invested in serious financial portfolios. Law enforcement officers consider Roman Shpakov, the beneficiary of the QBF financial group who left the country and is on an international wanted list, to be the organizer of the crime. One of the participants in the fraud has already been convicted.

At the first substantive hearing of the criminal case on particularly large-scale fraud (Part 4 of Article 159 of the Criminal Code of the Russian Federation) committed by members of an organized criminal group (Article 210 of the Criminal Code of the Russian Federation), only one of the four defendants arrived on his own — the former director of the branch network of LLC "IK QBF" (a subsidiary of the QBF financial group)  Vladimir Pakhomov is under house arrest. Three other defendants who are in pre-trial detention — former CEOs of the investment company Stanislav Matyukhin, director of the St. Petersburg office Alexey Golubev, and head of the legal department Evgenia Rossieva — were brought by a convoy. About fifteen victims gathered in the courtroom.

After the traditional procedure of identifying the defendants, the presiding judge, Katerina Kirichenko, suggested that the parties submit petitions and immediately receive a request for her own withdrawal. Evgenia Rossieva stated that she requires the case to be considered by a panel of three professional judges for greater objectivity of the proceedings. The prosecutor objected, and in the end, Judge Kirichenko postponed consideration of this issue. After that, the prosecutor's office proposed extending the terms of the preventive measure chosen for the defendants for six months. The accused and their defenders protested, albeit not very actively. The exception was Ms Rossieva, who spoke out strongly against the extension of her arrest. She reminded the court that she has been in pre-trial detention for two and a half years, and, according to the accused, her health has deteriorated during this time; in particular, she has severe vision problems, due to which she may become disabled.

However, the court supported the prosecutor's position and extended the preventive measure for all four.

The arrest of the defendant's property was also extended — their shares and shares in various companies, land plots in multiple regions, and expensive cars.

After that, the presiding judge finally retired to the deliberation room to decide who would further consider the case. She took about half an hour to ponder, after which Katerina Kirichenko announced her decision: to terminate the judicial investigation and appoint a new consideration of the case by a panel of three judges. The next hearing, at which the prosecutor is expected to read the indictment, is scheduled for November 9.

As previously reported by "Kommersant", the criminal community, according to the criminal case materials, operated from 2012 to 2021. The company's head office occupied several floors in the "City of Capitals" complex on the Presnenskaya Embankment and also had many branches in different regions of Russia. According to the investigation, the investment company attracted citizens' funds under the guise of investing in financial severe portfolios. Still, instead, the money ended up in offshore accounts, from where they were subsequently transferred to the current accounts of other non-resident companies affiliated, according to law enforcement officers, with the group members. The alleged organizers of the pyramid disposed of them at their discretion, investing in the purchase of shares, real estate, expensive cars, and the like.

As the victims attended in the courtroom told "Kommersant", they began investing money in the projects of the investment company back in 2009 — many were attracted by the high-interest income they were promised. Sometimes, according to the victims, it was about 15–17% per annum.

Investors' problems began when they tried to withdraw their money from the investment company (whose license was revoked on July 8, 2021). The case materials indicate that several hundred investors suffered damages of more than 2 billion rubles. However, from the documents seized during the searches, it follows that the depositors could have been robbed of about 5-7 billion rubles. This discrepancy in the figures is explained by the fact that among QBF clients, many VIP persons contributed massive amounts but could not prove the legality of the origin of this money and, therefore, did not officially register their losses.

Law enforcement officers consider Roman Shpakov, the beneficiary of the QBF group, to be the organizer of the scam. Cases against Roman Shpakov and Linda Atanasiadou, a Cyprus citizen responsible for finance in the company, have been separated into separate proceedings. After leaving for abroad in January 2021, the grandson of the former chairman of the Central Bank, Georgy Matyukhin, tried to "save the sinking ship," as he put it. At the same time, during interrogations, he claimed that his participation in QBF brought him nothing but problems.

It should also be noted that another defendant in this case, the founder of LLC QBF, who previously headed the Cypriot branch of the company, Zelimkhan Munaev, fully admitted his guilt. On September 21, 2023, he was sentenced to eight years in a general regime colony in a particular manner.

Alexey Sokovnin, Oleg Rubnikovich

QBF Financial Group Turned Out to Be a Criminal Organisation-  Grandson of ex-head of the Russian Central Bank will be tried for embezzling billions

06.10.2023, 22:56

The Prosecutor General's Office has approved the indictment and sent a criminal case to court against four members of an organized criminal group (OCG), which included, among others, the grandson of the former chairman of the Central Bank, Georgy Matyukhin, Stanislav Matyukhin. According to the investigation, the financial pyramid, operating under the sign of the investment company QBF, stole more than 2 billion rubles from hundreds of depositors who believed that their funds were invested in serious financial portfolios. Law enforcement authorities consider the organizer of the crime to be Roman Shpakov, the beneficiary of the QBF financial group, who managed to flee abroad and has been put on the international wanted list.

The Presnensky District Court of Moscow has received materials concerning the former CEO of QBF, Stanislav Matyukhin, the head of the company's branch network, Vladimir Pakhomov, the director of the St. Petersburg office of QBF LLC, Alexey Golubev, and the lawyer of this structure, Evgenia Rossieva. They are all accused of organizing and participating in a criminal community, as well as large-scale fraud (Part 2 and 3, Article 210, and Part 4, Article 159 of the Criminal Code of the Russian Federation). Cases concerning the alleged crime organizer, QBF beneficiary Roman Shpakov, and the company's finance manager, a citizen of Cyprus, Linda Atanasiadou, who are both on the run, have been separated into a different procedure.

The investigation found that the OCG operated from 2012 to 2021. The company's head office occupied several floors in the "City of Capitals" complex (Presnenskaya Embankment, 8, building 1) "Moscow-City" and also had many branches in different regions of Russia.

According to the investigation, the company attracted citizens' funds under the guise of investing in serious financial portfolios in Moscow, St. Petersburg, Sverdlovsk, Tyumen, Murmansk regions, as well as in Bashkiria and Tatarstan. However, instead, the money ended up in offshore accounts, from where they were subsequently transferred to the current accounts of other non-resident companies, allegedly affiliated with the group members. The supposed organizers of the pyramid used these funds at their discretion, investing in the purchase of shares, real estate, expensive cars, and so on.

Meanwhile, almost everyone who trusted Roman Shpakov's team was confident that their money was working and generating profit, as managers sent them fabricated monthly and quarterly reports via email.

Investors started facing problems when trying to withdraw their money from QBF (whose license was revoked on July 8, 2021). From the case materials, it is clear that several hundred investors suffered losses totaling more than 2 billion rubles. However, from the documents seized during the searches, it seems that the depositors might have been robbed of about 5-7 billion rubles. This discrepancy in figures is explained by the fact that among QBF clients there were many VIP persons, including clergymen, generals, ministers, directors of various large state and commercial structures. However, none of those who allegedly gave the supposed fraudsters 200-300 million rubles, and one who supposedly invested 1 billion, due to the inability to prove the legality of the money's origin, did not want to publicize their losses and, accordingly, did not make it to the official list of victims.

After Mr. Shpakov fled abroad in January 2021, Stanislav Matyukhin, the CEO of QBF and the grandson of the former chairman of the Central Bank, Georgy Matyukhin, tried to "save the sinking ship," as he put it. However, during interrogations, he claimed that his involvement in QBF brought him nothing but problems. Nevertheless, operatives of the Main Directorate for Economic Security and Anti-Corruption Enforcement of the Ministry of Internal Affairs, who provided operational support for the investigation of this case, found out that the defendant Matyukhin acquired his apartment on Kutuzovsky Prospekt, 22 (a ten-minute walk from the company's office in "Moscow-City" on Presnenskaya Embankment) while being an employee of QBF.

It should also be noted that another defendant in this case, the founder of QBF LLC, who previously headed the Cypriot branch of the company, Zelimkhan Munaev, fully admitted his guilt. On September 21, 2023, he was sentenced to eight years in a general regime colony in a special procedure.

Oleg Rubnikovich

From the Central Bank to a Criminal Gang: The Path Wasn't Long

Grandson of former head of Russia's bank arrested for manipulations

By Oleg Rubnikovich, 22.05.2022, 01:34

As "Ъ" learned, Stanislav Matyukhin, the grandson of the former chairman of the Central Bank, Georgy Matyukhin, was arrested in Moscow. He served as the CEO of a large financial pyramid operating under the banner of the investment company QBF. Like the top managers arrested earlier, he is accused of participating in an organized criminal group (OCG) that stole at least 2 billion rubles from investors. After the beneficiary of the QBF financial group, Roman Shpakov, fled abroad, Mr. Matyukhin was the one who, up until the company's license was revoked, reassured depositors not to worry about their savings.

According to "Ъ", on Wednesday morning near the house on Kutuzovsky Prospekt where 36-year-old Stanislav Matyukhin lives, a considerable number of officers from the Main Directorate for Economic Security and Anti-Corruption Enforcement of the Ministry of Internal Affairs, their district colleagues, and employees of the Moscow FSB landed. The arrest was likely not a big surprise for the former QBF top manager, given that many of his colleagues are already under arrest or on the run. It should be noted that, according to "Ъ", a search in Mr. Matyukhin's apartment wasn't conducted, as this procedure had been carried out there twice before while he was a witness in the case.

Stanislav Matyukhin became the CEO of QBF in 2017, appointed as the grandson of Georgy Matyukhin, who chaired the Central Bank from 1990 to 1992. Before that, he had worked at the Federal Service for Financial Markets and the Central Bank itself. In the latter, he effectively oversaw QBF. Serving as the deputy head of the department licensing joint-stock investment funds, managing companies, specialized depositories, and non-state pension funds of the regulation and control over collective investments, Mr. Matyukhin dealt with the regulation of financial companies' activities from their inception to their termination.

At QBF, Stanislav Matyukhin oversaw the general management of the investment and management companies. One of his main tasks in the new position was to expand the sales channel. Apparently, the arrested man performed his tasks quite successfully.

However, as revealed during an investigation initiated last year by the Investigative Department of the Ministry of Internal Affairs into a criminal case of large-scale fraud (Part 4, Article 159 of the Criminal Code of the Russian Federation), the funds received from clients, instead of the promised investments in serious financial portfolios, were diverted to offshore zones.

At the moment, the damage to depositors exceeds 2 billion rubles.

This money, according to law enforcement agencies, was used by the alleged fraud organizers to purchase shares, real estate, expensive cars, and other assets. Assets estimated to be worth about 1 billion rubles have already been seized by the court.

Recently, six participants of the financial pyramid, including the QBF beneficiary Roman Shpakov who is hiding abroad, were also accused of organizing a criminal community and participating in it (Article 210 of the Criminal Code of the Russian Federation). According to "Ъ", a similar charge will soon be brought against Stanislav Matyukhin, who was detained for two days. The investigation intends to petition the court for his arrest.

The defendant, both as a witness and now as a suspect, denies his guilt in both the theft of money and participation in the OCG. According to him, he was just trying to "save a sinking ship" and supposedly did not amass any significant capital from his involvement in QBF. However, this remains to be verified by the investigation. For now, it is known that he acquired his apartment on Kutuzovsky Prospekt, 22 (a ten-minute walk from the company's office in "Moscow-City" on Presnenskaya Embankment) while being an employee of QBF.

It should be noted that after the arrest of his colleagues, it was precisely Stanislav Matyukhin who had to convince clients, up until the company's license was revoked on July 8, 2021, that they had no reason to worry about their savings. However, only a few were lucky. Among them was the famous ballerina Anastasia Volochkova, who invested about 3 million rubles in Mr. Shpakov's project. Even then, when returning part of the invested funds (500 thousand rubles), Mr. Matyukhin, according to the investigation's version, hoped that Ms. Volochkova, using her connections, would help unblock the company's accounts in the regions. However, she did not do so, after which QBF staff ceased contact with her. Mr. Matyukhin merely advised her to address all further questions about the return of the remaining 1.7 million rubles to the beneficiary of the QBF financial group, Roman Shpakov.

Oleg Rubnikovich

A Criminal Organization Settles in the City QBF's top managers are accused of the most severe crimes.

By Oleg Rubnikovich, 13.05.2022, 01:34

As "Ъ" has learned, six participants of a major financial pyramid operating under the banner of the investment company QBF are now considered by investigators to be members of an organized criminal group (OCG). Instead of the promised investment of funds received from clients into solid financial portfolios, the alleged fraudsters transferred the money to offshore accounts. Currently, the damage inflicted on depositors exceeds 2 billion rubles. Considering VIPs who invested in QBF but haven't yet declared themselves as victims, the total theft might amount to about 5-7 billion rubles.

The investigative department of the Ministry of Internal Affairs has been examining the activities of the major investment company QBF for just over a year. During this time, law enforcement officials concluded that, in addition to large-scale fraud (Part 4, Article 159 of the Russian Criminal Code), the actions of the financial pyramid's participants have all the hallmarks of an OCG (Article 210 of the Russian Criminal Code). As a result, this charge was recently added to the six defendants of this criminal case, with two of them being charged in absentia. The investigation believes that the mastermind behind this crime is Roman Shpakov, the beneficiary of the QBF financial group, who is allegedly hiding in London. He has been declared internationally wanted. According to "Ъ", a similar fate awaits Cypriot citizen Linda Atanasiadou soon. The investigation believes she was responsible for QBF's finances.

Another four defendants, three of whom are in pre-trial detention, have already been directly charged with participating in an OCG. This refers to the co-founder of QBF LLC, who previously led the company's Cypriot branch, Zelimkhan Munaev, the company's lawyer, Evgeniya Rossieva, the head of QBF LLC's St. Petersburg office, Alexey Golubev, and the director of the company's branch network, Vladimir Pakhomov, who is currently under house arrest.

As "Ъ" previously reported, the initial trigger for the criminal case was a few individual complaints from citizens to the Western District's police department in Moscow. After the number of complaints against QBF's managers reached dozens, the case was handed over for further investigation to the investigative department of the Ministry of Internal Affairs, with officers from the Main Directorate for Economic Security and Corruption Control and the Moscow Federal Security Service joining the operational-search activities.

In late May 2021, with their participation and the support of special forces, a large-scale special operation took place in Moscow and St. Petersburg. In total, over 30 searches were conducted, including at QBF's main office located in the "City of Capitals" complex in "Moscow City" (Presnenskaya Embankment, 8, Building 1).

According to investigators, the company attracted funds from citizens under the guise of investing in serious financial portfolios in Moscow, St. Petersburg, Sverdlovsk, Tyumen, Murmansk regions, as well as in Bashkiria and Tatarstan. However, instead, the money ended up in the accounts of companies like QCCI Ltd (Cyprus), Simtelligence (Hong Kong), and White Lake ltd (Cayman Islands), from where they were later transferred to accounts of other non-resident companies, affiliated, according to investigators, with the group's participants. The alleged organizers of the pyramid scheme used these funds at their discretion, investing in stocks, real estate, luxury cars, and more.

Almost everyone who trusted Roman Shpakov's team was convinced that their money was working and generating profit, as managers sent them fictitious monthly and quarterly reports via email.

Investors' problems began when they tried to withdraw their money from QBF. They were denied under various pretexts, and when the excuses ran out, phone calls simply went unanswered.

It's worth noting that some depositors were still paid dividends to maintain the company's reputation. However, this was done exclusively at the expense of funds from subsequent clients.

Currently, it's been established that the damage caused by QBF LLC (whose license was revoked on July 8, 2021) to investors amounts to over 2 billion rubles. However, from the documents seized during searches, it appears that the total amount stolen from depositors could be around 5-7 billion rubles. This discrepancy in figures is explained by the fact that among QBF's clients, there were many VIPs, including clergy, generals, ministers, and directors of various large state and commercial structures. Yet, none of those who gave the alleged fraudsters between 200-300 million rubles want to publicize their losses and haven't officially been listed as victims. Police note that QBF's business was primarily aimed at affluent clients, some of whom had access to budget funds. As the pyramid scheme's participants had anticipated, these individuals, having lost significant amounts, did not turn to law enforcement due to their inability to prove the legality of the funds' origins.

Oleg Rubnikovich

Anastasia Volochkova Among the Victims of the Financial Pyramid Under the QBF Signboard

By Sergey Teplyakov, Forbes Staff, November 18, 2021

One of the victims of a large financial pyramid operating under the QBF banner turned out to be Anastasia Volochkova. She revealed that she lost 1.7 million rubles. In total, according to investigators, depositors might have been defrauded of 5-7 billion rubles.

One of the victims of a major financial pyramid, which operated under the QBF banner, was Anastasia Volochkova, as learned by "Kommersant".

Volochkova explained that last summer, a QBF representative contacted her, offering her to become an investor and to recommend the company to friends for investments. According to her, she invested a total of 3 million rubles in the company, but 1.7 million rubles were never returned to her. The ballerina filed a complaint with the Tverskoy District Police Department in Moscow.

There are about 500 officially registered victims in the case, the newspaper reports. In total, according to the investigation, depositors might have been defrauded of 5-7 billion rubles.

In May, "Kommersant" reported that the police had uncovered a large financial pyramid operating under the banner of the investment company QBF. The Investigative Department of the Ministry of Internal Affairs opened a criminal case on large-scale fraud against company employees, who occupied several floors in the "City of Capitals" tower in Moscow City. 

Investigators concluded that the alleged fraudsters attracted depositors by promising high returns but transferred the received funds offshore.

The main focus, wrote "Kommersant", was on wealthy clients who might have had access to budgetary funds, hoping that these individuals would not go to the police, as they would not be able to prove the legality of the managed funds. However, as Forbes found out in June, this calculation was incorrect. The case against QBF employees was initiated based on the statement of the 24-year-old son of a former official from Yekaterinburg, as told by the lawyer of the managing director of QBF, Zelimkhan Munaev, who was arrested in the fraud case.

In early July, the Central Bank revoked QBF's licenses.

Roman Shpakov Left, Leaving Assets Behind In the QBF fraud case, a shopping center was arrested

By Oleg Rubnikovich, 07.10.2021, 00:20

As "Ъ" has learned, Roman Shpakov, the beneficiary of the QBF financial group who was arrested in absentia, has been declared internationally wanted. Investigators consider him the organizer of a pyramid scheme that, under the guise of investing depositors' money into serious financial portfolios, may have stolen approximately 5-7 billion rubles from them. Unlike his arrested accomplices, Mr. Shpakov managed to leave the country as soon as he learned of the interest of law enforcement agencies in his venture.

Interpol will be looking for Roman Shpakov

At the request of the Investigative Department of the Ministry of Internal Affairs, the Tverskoy District Court of Moscow arrested in absentia the alleged organizer of a major financial pyramid, Roman Shpakov. Allegedly hiding in the United Arab Emirates, the founder of the QBF investment company is charged with particularly large-scale fraud (Part 4, Article 159 of the Criminal Code of the Russian Federation). He has been declared internationally wanted, and soon his name should appear in Interpol's wanted database.

In addition, by court decision, a number of expensive foreign cars, including several Mercedes and Porsche models, real estate in Moscow and the Moscow region, including a shopping center in Zelenograd, and shares in several closed-end investment funds belonging to organizations affiliated with group members, were seized.

In total, the market value of the seized assets is around 1 billion rubles.

The businessman's lawyer declined to comment on both the absentia arrest of her client and the circumstances of the crime he is charged with.

As "Ъ" previously reported, a criminal case involving 33-year-old Roman Shpakov was initiated in April 2021. The first to be arrested in Moscow as part of the investigation were 30-year-old co-founder of QBF LLC, who previously headed the Cypriot office of the company, Zelimkhan Munaev, and 47-year-old lawyer of this structure, Evgeniya Rossieva, and in St. Petersburg - the director of the company's branch network, Vladimir Pakhomov. The first two were sent to pre-trial detention by the Tverskoy District Court at the request of the investigation, while it was decided to restrict the accused Pakhomov with a non-departure agreement. During a search at the QBF head office, occupying several floors in the "City of Capitals" complex in "Moscow City" (Presnenskaya embankment, 8, building 1), operatives from the Main Directorate for Economic Security and Corruption Control of the Ministry of Internal Affairs seized documentation and electronic data carriers.

During the investigation, it was found that the company attracted citizens' funds for investment in financial portfolios not only in Moscow and St. Petersburg but also through a branch network in the Sverdlovsk, Tyumen, Murmansk regions, as well as Bashkiria and Tatarstan. The main focus was on wealthy clients who had access to budget money. Pyramid participants believed that the latter would hardly turn to law enforcement agencies in the event of losing money due to the impossibility of proving the legality of their origin. Among QBF's clients were people who transferred 200-300 million rubles to the company, and one of the former Yekaterinburg officials even handed over 1 billion rubles to the alleged fraudsters for "trust management."

QBF managers lured clients with the opportunity to earn about 20% from investing. Some of them were indeed paid dividends, but only at the expense of subsequent depositors.

However, almost everyone who trusted Roman Shpakov's team was confident that their money was working and generating profit because managers sent them fictitious monthly and quarterly reports via email.

Problems arose for almost everyone who decided to withdraw invested funds from QBF. Clients were denied for various reasons, and when the arguments ran out, they simply stopped answering phone calls.

The investigation found that all investors' funds ended up in the accounts of QCCI LTD (Cyprus), Simtelligence (Hong Kong), and White Lake ltd (Cayman Islands) companies, from where they were subsequently transferred to the accounts of other non-resident companies affiliated with group members. The alleged organizers of the pyramid managed these funds at their discretion, investing in the purchase of expensive cars and real estate, shares, and more.

Moreover, a significant portion of the funds was actively legalized in Russia through development projects.

One of them, as established by the investigation, could be, for example, the construction of the "Gribovsky Forest" residential complex in the Odintsovo region of the Moscow region. The housing is being built by the "Simon Jesso" company, but on the internet, you can find information about another developer of this facility - "M1 Development". However, the founder of both was the same person - Roman Shpakov. In December 2020, when law enforcement agencies became interested in his activities, Mr. Shpakov transferred control of both firms to another person. According to "Ъ", the issue of initiating a criminal case against members of this group under Article 210 of the Criminal Code of the Russian Federation (Organization of a Criminal Community or Participation in It) is also being resolved.

Note also that QBF LLC ceased its activities on July 8, 2021, after the regulator revoked its license. On September 21, a temporary administration was appointed in QBF, and no later than January 19, 2022, the Central Bank required the company to settle with clients for debts.

Oleg Rubnikovich

Financial Pyramids Remind of Themselves

Signs of fraud seen in the operations of investment company QBF

Ivan Koryakin, 01.06.2021, 14:42

The QBF Financial Group has labeled information about its fraud as discrediting. Meanwhile, the police believe that the company was funneling client funds offshore. Top managers have been arrested. The investigation has detected signs of a financial pyramid in the investment company's operations. "Ъ FM" found affected investors who indeed faced issues when attempting to withdraw money. What amounts could they have lost? Ivan Koryakin reports on this.

For three hours, Zelimkhan Munaev refused to open the door to his apartment on Nikolaeva Street near the Government House. When law enforcement began to break it down, the businessman, deciding to surrender, could not open the half-broken door; it had to be forcibly opened.

This is how the co-founder and managing director of the QBF Financial Group was detained. Along with Munaev, the company's lawyer, Evgeniya Rossieva, is also under investigation. They are suspected of large-scale fraud.

The company allegedly attracted funds from citizens under the guise of investment and channeled them offshore. Among those who entrusted their money to QBF's "trust management" was Evgeny, an interlocutor of "Ъ FM": "I've been a client since 2013. In 2019, I requested a fund return. To this day, I've received only about 5% of what they owe me. So-called financial advisors usually vanish when you request a return of funds."

Evgeny lost a six-figure sum in dollars. And this might not be a record: QBF targeted affluent clients, some of whom, according to some data, had access to budget funds. The calculation was that these people, having lost money, would not turn to the police. After all, they couldn't then prove the legality of the funds' origin.

Clients were attracted by a yield of 20%, typically learning about it through word of mouth. Some received dividends, but, as the investigation suggests, these were paid from the funds of subsequent depositors.

Some tried to withdraw money for two years, says lawyer Vitaliy Markelov. He represented the interests of 16 investors in a dispute with QBF, which was resolved out of court.

"In QBF, they admitted there were indeed temporary communication problems. Otherwise, the published information aims to harm the company's business reputation and the honor, dignity, and business reputation of individuals who were related to the company's operations at different times."

What could have gone wrong with this activity? If we believe the investigation, a Cypriot company and a Russian one, which had a Central Bank license, operated under one roof. The latter was just a front. While additional agreements were signed with it, the money was sent offshore.

Part of the funds was legalized through development projects, writes "Ъ FM", including in the suburban Odintsovo, where a local residential complex is being built by a company, the founder of which, Roman Shpakov, is considered the beneficiary of several structures under the QBF banner. According to the publication, the businessman is hiding in the UAE. Investor Evgeny, hoping to get his money back, hopes that he hasn't disappeared completely: "Maybe they'll seize something from their assets, I don't know. They'll find Roman Shpakov, take his apartment in Dubai, and sell it. We'll see what happens. I'd like to hope for the best."

The total debt to clients is estimated at 5–7 billion rubles— at least, according to law enforcement agencies. Will investors be able to get it back? The chances are slim, says Mikhail Fatkin, partner of the FMG Group law firm.

It's strange that claims have arisen only now, continues Fatkin. The company has been operating for a long time and quite successfully. It's possible that it's under pressure. However, this doesn't negate the possibility of shady dealings in its operations. On the other hand, it's yet to be proven.

Financial Pyramid Disguised as Investment Company Uncovered by Police

Author: Aleksandr Pyatin | Date: 31 May 2021

Moscow police have exposed a significant financial pyramid operating under the guise of the investment company QBF, as reported by "Kommersant".

The Interior Ministry's investigative department initiated a criminal case on large-scale fraud in April, the newspaper notes. Last week, law enforcement officers conducted more than 30 searches in Moscow and St. Petersburg, including at QBF's head office in "Moscow-City". QBF's co-founder Zelimkhan Munaev and the company's lawyer, Evgenia Rossieva, were detained and subsequently arrested, "Kommersant" reports.

According to the investigation, the alleged fraudsters primarily attracted depositors through word of mouth, offering them a "trust management" service and promising approximately 20% returns. The acquired funds were allegedly transferred to offshore accounts, while clients received fictitious reports on their investments. The primary focus was on affluent clients, some of whom reportedly had access to budgetary funds. Some QBF managers allegedly speculated that these individuals would not turn to the police in case of money loss since they couldn't prove the legality of the funds acquired.

Investors faced issues when they wanted to withdraw their money. Currently, several dozen victims have been identified, including citizens of Ukraine and companies from Liechtenstein. The damage is estimated at about 2 billion rubles by the investigation. The company's total debt to depositors is preliminarily estimated between 5 and 7 billion rubles. Some victims transferred between 200-300 million rubles to the alleged fraudsters, with one even entrusting them with 1 billion rubles.

Part of the attracted funds might have been legalized through real estate development projects. One such project, investigators believe, could be the construction of the "Gribovsky Forest" residential complex in the Odintsovo district of the Moscow region.

QBF told "Kommersant" that the criminal prosecution is related to disputes involving certain former officials from Yekaterinburg and the Sverdlovsk region. The former are allegedly accused of embezzling budget funds, and they reported investing them in one of the investment companies. QBF is under pressure to recover an amount of money the company claims never to have possessed, says the company's press secretary Nikolai Stepanov.