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

Item Title

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

London Hides a Guest from the "City of Capitals" - QBF Group's beneficiary, Roman Shpakov, is being sought worldwide.

By Oleg Rubnikovich, 19.01.2022, 00:43

As "Ъ" has learned, the name of the QBF financial group's beneficiary, Roman Shpakov, has appeared in Interpol's international database of wanted persons. Investigators believe he is the mastermind behind a pyramid scheme that, under the guise of investing depositors' money into serious financial portfolios, could have stolen about 5-7 billion rubles from them. Before the criminal case was initiated, Mr. Shpakov had moved to the United Arab Emirates, and since last October, he has allegedly settled in London.

Roman Shpakov becomes an international fugitive

33-year-old Roman Shpakov, the beneficiary of the investment company QBF, became a defendant in a criminal case regarding large-scale fraud (Part 4, Article 159 of the Russian Criminal Code) at the end of May 2021. At that time, as part of a large-scale special operation involving the Main Directorate for Economic Security and Corruption Control of the Ministry of Internal Affairs, the Moscow Federal Security Service, and special forces, over 30 searches were conducted in Moscow and Saint Petersburg, including at QBF's main office, which occupied several floors in the "City of Capitals" complex in "Moscow City" (Presnenskaya Embankment, 8, Building 1).

The first to be detained by operatives were 30-year-old co-founder of QBF LLC, who previously headed the company's Cypriot branch, Zelimkhan Munaev, and 47-year-old lawyer of this structure, Evgeniya Rossieva. Both were sent to pre-trial detention by the Tverskoy District Court of Moscow upon the request of the investigative department of the Ministry of Internal Affairs. Another defendant, the company's branch network director Vladimir Pakhomov, was placed under house arrest. By that time, Roman Shpakov was already abroad, having relocated as soon as he learned of law enforcement's interest in his project.

On September 27th last year, the same Tverskoy District Court sanctioned the in-absentia arrest of the alleged organizer of the multi-billion scam. Recently, Roman Shpakov's name appeared in Interpol's international wanted persons database. It's worth noting that until recently, the founder of QBF, according to "Ъ", lived in the UAE. However, shortly after the in-absentia arrest, he moved to London, where he allegedly owns property.

It seems that the businessman is hoping that, unlike the Emirates, if he is arrested in the UK, the country initiating the search won't extradite him.

As "Ъ" has previously reported, during the investigation, it was established that citizens' funds were attracted by the company under the guise of investing in serious financial portfolios in Moscow, Saint Petersburg, Sverdlovsk, Tyumen, Murmansk regions, as well as Bashkiria and Tatarstan.

QBF managers lured clients with the opportunity to earn around 20% from investments. To maintain the company's reputation, some clients were indeed paid dividends, but exclusively from the funds of subsequent depositors. Almost all those who trusted Roman Shpakov's team were convinced that their money was working and generating profit, as the managers sent them fictitious monthly and quarterly reports via email.

Investors' problems began when they tried to withdraw their money from QBF. Clients were denied under various pretexts, and when the arguments ran out, they simply stopped answering phone calls.

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

In total, investigators believe that the pyramid's organizers could have stolen around 5-7 billion rubles.

Such a range of figures might be due to the fact that among QBF's clients, there were many VIPs, including clergy, generals, ministers, and directors of various large state and commercial structures. Some gave the alleged fraudsters 200-300 million rubles, while others gave up to 1 billion rubles. However, for various reasons, they not only don't want to publicize their losses but also refuse the status of victims.

So far, the only celebrity known to have been affected in this case is the famous ballerina Anastasia Volochkova. Of the 3 million rubles she invested in QBF, the company still owes her 1.7 million rubles.

Note that QBF LLC ceased its operations on July 8, 2021, after its license was revoked by the regulator. By that time, some clients tried to get their money back through civil litigation. However, as practice shows, this proved to be quite problematic. For example, the CEO of a large online store specializing in the sale of IT and network equipment failed to win his case.

In March 2021, even before the criminal case was initiated, the businessman tried to claim over $550,000 from the defendants, including Roman Shpakov, in the Presnensky District Court of the capital. "During the case review, no evidence was found of the plaintiff transferring funds to any of the defendants," the court decision states. Yesterday, this decision was upheld by the appellate instance.

Oleg Rubnikovich

Pyramid Scheme Entranced by Prima - Anastasia Volochkova fell victim to fraudsters from QBF

By Oleg Rubnikovich, 18.11.2021, 20:39

As "Ъ" has learned, in the high-profile criminal case against members of a major financial pyramid operating under the QBF brand, a star victim has emerged. The renowned ballerina Anastasia Volochkova has been recognized as such. The alleged fraudsters owe her 1.7 million rubles. To date, there are officially about 500 registered victims in the case. The investigation believes that under the guise of investing depositors' money into serious financial portfolios, they could have stolen around 5-7 billion rubles from them.

Not waiting for the return of the money, Anastasia Volochkova turned to the police

Anastasia Volochkova approached the Police Department of the Tverskoy District of Moscow last Wednesday. In her statement, she reported that she invested 3 million rubles in the company last year, and to date, they have not returned 1.7 million rubles to her.

Anastasia Volochkova explained her interaction with QBF representatives to "Ъ". According to the ballerina, in mid-June of last year, a certain Timur, calling himself a representative of QBF, called her mobile. When asked where he got her phone number, the young man replied that it was "in the database."

"He then said he knew about my connections and straightforwardly suggested that I recommend their company to my friends for investments," says Anastasia Volochkova. "Of course, I declined. Then they offered me to become an investor."

On July 31, 2020, Anastasia Volochkova visited the QBF office located in the "City of Capitals" complex in "Moscow City" (Presnenskaya Embankment, 8, building 1). There, she signed a contract for one year, and a few days later transferred 2 million rubles to the company's account at 10% per annum. Some time later, Timur convinced Mrs. Volochkova to transfer another 1 million rubles for a three-month term. "For the next three months, I received empty payment orders from QBF on my email, without any sums or signatures, which somewhat alarmed me," says Anastasia Volochkova.

In the end, unlike hundreds of other victims, the prima ballerina managed to get back not only her million but also the profit from the deposit - 150,000 rubles. But no one was in a hurry to return the 2 million rubles to Mrs. Volochkova in August 2021. After the searches conducted by the Main Directorate for Economic Security and Corruption Control of the Ministry of Internal Affairs in May of this year as part of the criminal case on particularly large-scale fraud (Part 4, Article 159 of the Criminal Code of the Russian Federation), QBF practically ceased its operations.

"Then I reached out to QBF's CEO Stanislav Matyukhin, who promised that the money would be returned to me in installments, and also asked me to use my connections to help them unblock the company's accounts in St. Petersburg and, I believe, also in Bashkiria. I didn't do that, but they still returned 500,000 rubles to me," Anastasia Volochkova concluded.

After that, QBF employees stopped contacting the client - Mr. Matyukhin simply advised further questions regarding the return of the remaining 1.7 million rubles to be addressed to the beneficiary of the QBF financial group, Roman Shpakov.

However, he was out of reach not only for Anastasia Volochkova but also for law enforcement agencies.

As "Ъ" previously reported, unlike the detained co-founder of QBF LLC, who previously headed the company's Cypriot office, Zelimkhan Munaev, the lawyer of this structure, Evgeniya Rossieva, and the director of the company's branch network, Vladimir Pakhomov, Mr. Shpakov managed to leave the country as soon as he learned of the interest of law enforcement agencies in his venture. He is currently believed to be in the United Arab Emirates.

A month ago, at the request of the Investigative Department of the Ministry of Internal Affairs, the Tverskoy District Court of Moscow arrested Roman Shpakov in absentia, whom the investigation considers the organizer of the crime.

Law enforcement agencies believe that under the guise of investing depositors' money in serious financial portfolios, they could have stolen around 5-7 billion rubles from them.

To offset the alleged damage, the court also seized several luxury foreign cars, including several Mercedes and Porsche, real estate in Moscow and the Moscow region, including a shopping center in Zelenograd, as well as shares in several closed-end investment funds belonging to organizations affiliated with group members. In total, the market value of the seized assets is around 1 billion rubles.

To date, only about 500 people have been officially recognized as victims in this case. In reality, according to the investigation's estimates, there are at least twice as many.

According to "Ъ", among others, several dozens of VIP persons, including clergy, generals, ministers, and directors of various structures, gave their money to the alleged fraudsters. However, unlike Anastasia Volochkova, for various reasons, they

not only do not want to publicize their losses but also refuse the status of a victim.

Oleg Rubnikovich

Анастасія Волочкова серед жертв фінансової піраміди під вивіскою QBF

Сергій Тепляков, Forbes Staff, 18 листопада 2021 р

Однією з жертв великої фінансової піраміди, що працює під прапором QBF, виявилася Анастасія Волочкова. Вона розповіла, що втратила 1,7 мільйона рублів. Всього, за даними слідства, вкладників могли ошукати на 5-7 мільярдів рублів.

Однією з жертв великої фінансової піраміди, яка діяла під прапором QBF, стала Анастасія Волочкова, як стало відомо "Коммерсанту".

Волочкова пояснила, що минулого літа з нею зв'язався представник QBF, який запропонував їй стати інвестором і порекомендувати компанію знайомим для інвестицій. За її словами, всього вона вклала в компанію 3 млн рублів, але 1,7 млн рублів їй так і не повернули. Балерина звернулася із заявою в управління поліції Тверського району Москви.

У справі проходить близько 500 офіційно зареєстрованих потерпілих, повідомляє видання. Всього, за версією слідства, вкладників могли ошукати на 5-7 мільярдів рублів.

У травні "КоммерсантЪ" повідомляв, що поліція викрила велику фінансову піраміду, що діяла під маркою інвестиційної компанії QBF. Слідче управління МВС порушило кримінальну справу про шахрайство в особливо великих розмірах щодо співробітників компанії, які займали кілька поверхів вежі «Місто столиць» в Москва-Сіті.

Слідство дійшло висновку, що ймовірні шахраї залучали вкладників, обіцяючи високі доходи, але переводили отримані кошти в офшори.

Основний упор, писав "Коммерсант", робився на заможних клієнтів, які могли мати доступ до бюджетних коштів, сподіваючись, що ці особи не звернуться до міліції, оскільки не зможуть довести законність розпорядження коштами. Однак, як з'ясував Forbes у червні, цей розрахунок був невірним. Справу проти співробітників QBF порушили за заявою 24-річного сина колишнього чиновника з Єкатеринбурга, повідомив адвокат заарештованого у справі про шахрайство керуючого директора QBF Зелімхана Мунаєва.

На початку липня ЦБ відкликав ліцензії QBF.

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

Secrets of Financial Pyramids: Why a Case was Initiated Against QBF Employees and How the Company Transferred Money to Offshores

Author: Artur Arutyunov | Date: 15 June 2021

In late May, the newspaper "Kommersant" reported that the Interior Ministry's investigative department initiated a criminal case of large-scale fraud against employees of the investment company QBF. After nearly a year of investigation, it was concluded that QBF, occupying several floors in the "Capital City" tower in Moscow-City, attracted individual investments in Moscow, St. Petersburg, and its branches in the Urals, Siberia, and the Volga region, and then transferred the funds offshore. The company primarily targeted affluent clients, anticipating that they wouldn't turn to the police as they wouldn't be able to prove the legality of the funds they invested.

As Forbes discovered, this assumption was wrong. On April 8, the Interior Ministry initiated a case against QBF's Managing Director Zelimkhan Munaev, company lawyer Evgenia Rossieva, and two other top managers based on a complaint by the 24-year-old son of a former official from Yekaterinburg, said Munaev's lawyer, Sergey Borodin. Munaev and Rossieva were arrested and are currently in pre-trial detention.

Maxim Borzenkov, the son of former Yekaterinburg Deputy Mayor Ilya Borzenkov, filed the complaint. The elder Borzenkov confirmed to Forbes that between 2016-2018, his family entrusted funds to QBF. However, when they decided to withdraw, they faced issues. "Our family's funds invested in QBF were stolen. Therefore, unfortunately, we had to turn to law enforcement agencies," said Ilya Borzenkov. He did not specify the investment amount. Borodin stated that between 2016-2018, Borzenkov transferred over 1 billion rubles to QBF in several instalments.

Ilya Borzenkov left his position as Yekaterinburg's Deputy Mayor in 2008 and subsequently engaged in business. He owned the "Nord" electronics and tech store, which he sold in 2020. After his family turned to the authorities, media reports emerged suggesting the Interior Ministry's Investigative Committee suspected him of laundering state funds from Yekaterinburg's budget through QBF. He told Forbes that he left the mayor's office over 12 years ago and considers the media reports as revenge from someone within QBF.

Law enforcement previously detained Munaev in 2019 after a client who entrusted QBF with just over $1 million filed a criminal case. This case is still under investigation. Borodin also told Forbes that over the past three years, the Central Bank conducted several inspections at QBF, coinciding with searches at the company's offices and employees' homes. However, no violations were identified during these inspections.

On June 3, the Central Bank prohibited QBF from concluding new brokerage service agreements and trading derivatives in the OTC market until November 29, 2021. The Central Bank statement mentioned that the company's actions put its clients at risk. A QBF representative said there's no connection between the criminal case and the inspection. Forbes has reached out to the Central Bank for comment.

How the Scheme Worked

The investigation considers Roman Shpakov, Chairman of QBF's Board of Directors, as the organizer of the offshore scheme, a QBF client who testified told Forbes. According to "Kommersant", Shpakov left for the UAE in January 2021.

The current CEO of QBF, Stanislav Matyukhin, worked for seven years in the Federal Service for Financial Markets (FSFM) and then in the Bank of Russia as the Deputy Head of the Licensing Department of Joint-Stock Investment Funds, as per his profile on the QBF website. Forbes couldn't determine if he's involved in the case.

QBF's Investment Schemes Revealed

QBF offered its clients the opportunity to invest money under a fiduciary management agreement or through a brokerage or individual investment account. The Russian company LLC IC "QBF" holds a license from the Central Bank. However, in the office, clients were proposed to sign agreements not only with the Russian entity but also with the Cypriot QB Capital, according to five QBF clients who spoke to Forbes.

After clients signed these contracts, their money was first sent to accounts of Cypriot companies and then transferred to the Cayman or Canary Islands, or Hong Kong. Sometimes, managers openly suggested clients invest a portion of the sum in Cypriot companies, one client shared. A portion of the money was "laundered" in Russia — QBF invested them in developer projects, "Kommersant" mentioned, citing an unnamed source.

QBF provided investors with reports stating that their funds were invested in stocks or other financial assets. However, one QBF client claimed that these reports were "fake". Occasionally, the company even paid out a return, possibly funded by attracting new client funds, he notes.

QBF clients created a community on the banki.ru forum in 2018. As of now, it has 1050 messages. Users share stories about document substitution during contract signing, offshores, and issues with fund withdrawals. For instance, one forum participant (who requested anonymity) told Forbes that he had signed two contracts: one with Russian QBF, where Munaev was the director, and another with Cypriot QB Capital. Later, QB Capital was liquidated, and he decided to withdraw his money. When he came to sign the necessary papers, the financial advisor presented him with a new agreement — with White Lake Management, registered in the Cayman Islands. He never received his money.

QBF client Georgiy Lomaya wanted to participate in the Xiaomi IPO and entrusted the company with $40,000 in early 2018. "Instead of a funds management agreement with QBF, which had a Central Bank license, I was handed a contract with QBF Advisory — a 'middleman company' without a license but with a similar name," says Lomaya.

He signed the documents, after which his money was transferred to the Canary Islands. He only learned of this when he began receiving "investment" reports from an unknown company. "I asked my QBF manager about it, and he informed me of the jurisdiction change. That's when I demanded my money back," says Lomaya. The contract he signed mentioned that he could retrieve his money two months after the request. However, to date, he's only received half. "During this time, I've had three managers, all with one goal — to stall," he shares.

"I had significant issues retrieving my money from QBF. Recalling this experience is traumatic for me," says former client Vera Kuznetsova. In 2018, she entrusted QBF with money she got from selling a two-room apartment. After requesting a withdrawal, her personal manager began responding reluctantly and eventually ignored her messages altogether. Consequently, Kuznetsova sought legal advice. "They didn't want to go to court. Eventually, I managed to retrieve my money without legal intervention. But it was in rubles, even though I had invested in foreign currency. It was inconvenient and financially 'losing'," she says.

QBF clients who signed brokerage service agreements to participate in IPOs also faced withdrawal issues. "QBF attracted me with a large number of IPOs they participate in and a larger allocation than competitors," shared Alexander Kondrashov, author of the Telegram channel KondrashovInvest. In the fall of 2020, he transferred 2 million rubles to QBF to participate in various IPOs. However, one thing that alarmed him was that information about executed deals was sent to him in manually updated Excel spreadsheets, unlike major brokers with their platforms.

Another issue was that QBF revealed IPO allocation (how many shares the client would eventually receive) to clients after two hours of trading. Typically, this information is known before trading begins. QBF managers changed allocation size to their advantage — if share prices fell after the IPO, they claimed to have almost fully met the request; if it rose, they provided slightly more allocation than competitors, Kondrashov says. "I had an instance where I invested in the IPO of biotech company Kodiak. After trading started, shares fell by 30-40%, and they set a high allocation. Everything I had earned with QBF turned to dust," he shares. However, later Kodiak shares rose, and Kondrashov managed to profit. He could withdraw his money only four months after his request.

Allocation is indeed usually known before trading begins, a standard practice, a manager of one of the major investment companies told Forbes. Abnormally high allocations of 70-90% look suspicious, especially when talking about IPOs of foreign companies, he added — typically, allocations in IPOs of Western companies don't exceed 10-20%.

Response from QBF and Views of Lawyers and NAUFOR

The QBF press service did not respond to Forbes' questions regarding the transfer of client funds to foreign jurisdictions. However, they added that "every personal inquiry is promptly addressed, and a considered lawful decision is made on it."

What Lawyers and NAUFOR Say

QBF did not violate the law by offering clients to sign an agreement with a foreign company, says Oles Gruzdev, a lawyer from Forward Legal. However, this allowed QBF to escape the supervision of the Central Bank and also to conceal the ultimate beneficiary, he notes. If the investigation proves that QBF's leaders intentionally stole their investors' money, the responsibility will also fall on the Central Bank, as the regulator should have timely identified the financial pyramid, Gruzdev believes.

The Central Bank is critical of the practice of attracting money to foreign companies through the offices of Russian organizations, says Alexey Timofeev, the head of the National Association of Stock Market Participants (NAUFOR). The regulator advises Russian licensed companies to avoid this because such a practice misleads the client - they don't always understand that they fall under the jurisdiction of another country. By signing an agreement with a foreign organization, the client is subject to the laws operating in that country and cannot count on the protection of the Bank of Russia and Russian organizations representing investors' interests, Timofeev says.

The investigator in the QBF case declined to answer Forbes' questions, and both the Interior Ministry (MVD) and the Central Bank did not respond to inquiries.

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.

Поліція виявила фінансову піраміду під виглядом інвестиційної компанії

 Автор: Олександр Пятін | Дата: 31 травня 2021 р

 Поліція Москви викрила значну фінансову піраміду, яка діяла під прикриттям інвестиційної компанії QBF, повідомляє "Коммерсант".

 У квітні слідче управління МВС порушило кримінальну справу про шахрайство в особливо великих розмірах, зазначає видання. Минулого тижня правоохоронці провели понад 30 обшуків у Москві та Санкт-Петербурзі, в тому числі в головному офісі QBF в "Москва-Сіті". Співзасновник QBF Зелімхан Мунаєв і юрист компанії Євгенія Россієва були затримані, а згодом арештовані, повідомляє "КоммерсантЪ".

 За версією слідства, ймовірні шахраї в першу чергу залучали вкладників усно, пропонуючи їм послугу «довірчого управління» та обіцяючи приблизно 20% прибутку. Набуті кошти нібито переводилися на офшорні рахунки, а клієнти отримували фіктивні звіти про свої інвестиції. Основна увага була зосереджена на заможних клієнтах, деякі з яких, як повідомляється, мали доступ до бюджетних коштів. Деякі менеджери QBF нібито припустили, що ці особи не звертатимуться до поліції у разі втрати грошей, оскільки не зможуть довести законність отриманих коштів.

 Інвестори стикалися з проблемами, коли хотіли забрати свої гроші. Наразі ідентифіковано кілька десятків постраждалих, серед яких громадяни України та компанії з Ліхтенштейну. Збитки слідство оцінює приблизно в 2 мільярди рублів. Загальна заборгованість компанії перед вкладниками попередньо оцінюється в 5-7 мільярдів рублів. Деякі жертви перераховували передбачуваним шахраям від 200 до 300 мільйонів рублів, а один навіть довірив їм 1 мільярд рублів.

 Частина залучених коштів могла бути легалізована через девелоперські проекти. Одним з таких проектів, вважають слідчі, може стати будівництво ЖК «Грибовський ліс» в Одинцовському районі Московської області.

 У QBF "Коммерсанту" повідомили, що кримінальне переслідування пов'язане зі суперечками за участю деяких колишніх чиновників з Єкатеринбурга і Свердловської області. Перших нібито звинувачують у розкраданні бюджетних коштів, і вони повідомили, що вклали їх в одну з інвестиційних компаній. QBF перебуває під тиском, щоб повернути суму грошей, якою компанія, як стверджує, ніколи не володіла, каже прес-секретар компанії Микола Степанов.

Investments have gone offshore Police exposed a financial pyramid

Oleg Rubnikovich, subscribed 30.05.2021, 22:56

As learned by "Ъ", in Moscow, a top manager and a lawyer of a major financial pyramid, operating under the banner of the investment company QBF, have been arrested. The alleged fraudsters transferred the funds they received to offshore accounts, providing clients with fake reports that their investments were placed in serious financial portfolios. Preliminary estimates suggest that the theft could be around 5-7 billion rubles. Law enforcement believes that some of this money could have been laundered by QBF management through development projects, including, for example, the construction of the "Gribovsky Forest" residential complex in the Odintsovo district of the Moscow region.

The Tverskoy District Court in Moscow has detained the 30-year-old co-founder of LLC QBF, who previously headed the Cypriot branch of the company, Zelimkhan Munaev, and the 47-year-old lawyer of this organization, Evgeny Rossiev. Both are suspects in a criminal case initiated in April 2021 by the investigative department of the Ministry of Internal Affairs regarding major fraud (part 4, article 159 of the Criminal Code).

The investigation into the illegal activities of QBF representatives has been ongoing for over a year. Last week, as part of the investigation, officers of the Main Directorate for Economic Security and Combating Corruption of the Ministry of Internal Affairs, together with colleagues from the Western Administrative District Directorate of Internal Affairs of Moscow and the capital's FSB, conducted more than 30 searches in Moscow and St. Petersburg. As a result, Mr. Munaev and Mr. Rossiev were detained. The former resides on Nikolaeva Street, near the Government House.

When law enforcement arrived at his place, he barricaded himself in his apartment and refused to open the door for three hours. He only surrendered after special forces began breaking down the door with crowbars and hammers.

Interestingly, at that moment, another problem arose. Zelimkhan Munaev, now deciding to surrender, couldn't open the partially destroyed metal door from the inside - the anti-removal pins jammed. In the end, the door had to be fully broken down.

There were no problems with Ms. Rossieva, who lives on Udal'tsova Street. After that, the investigative team went to the QBF head office, occupying several floors in the "City of Capitals" complex in "Moscow-City" (Presnenskaya embankment, 8, building 1). Documentation and electronic data carriers were seized there. Among other things, investigators found memos for managers on how to behave in case of a visit by law enforcement. It's worth noting that several companies under the QBF abbreviation, which are also mentioned in the investigation materials, are registered at this address.

Meanwhile, in St. Petersburg, operatives detained the director of QBF's branch network, Vladimir Pakhomov. He has already been charged with fraud, but the investigation did not seek his arrest.

As established by the Main Directorate for Economic Security and Combating Corruption during operational-search activities, the company attracted citizens' funds under the guise of investing in financial portfolios not only in Moscow and St. Petersburg but also through a branch network in the Sverdlovsk, Tyumen, Murmansk regions, and Bashkiria. The main focus was on wealthy clients, who, according to some reports, had access to budgetary funds. Some QBF managers allegedly said off the record that they were counting on these people not going to the police if they lost their money since they wouldn't be able to prove the legality of their acquisition.

However, among the official victims, some transferred 200-300 million rubles to the alleged fraudsters, and one even handed over 1 billion rubles for "trust management."

Typically, such individuals learned about the opportunity to earn around 20% on their investments through word of mouth. And they did indeed receive some dividends, paid from the funds of subsequent depositors. This way, the company's reputation was maintained, and the inflow of new wealthy investors was essentially guaranteed.

Ordinary clients, trusting QBF with relatively small amounts, were usually swayed by positive reviews of the company on the internet. Problems began when they tried to withdraw their invested funds from QBF. Until then, they were convinced that their money was working and bringing profit, as managers sent them fabricated monthly and quarterly reports via email.

"A very negative impression of QB finance. As long as you bring them money - everything is fine. But as soon as you try to withdraw - problems start.

They don't return the money. Managers stop answering calls. If you want to lose your money - go to QBF," say, according to "Ъ", company clients. "It's a typical pyramid scheme that takes money for trust management. They might give you back a small percentage, but when you want to withdraw all your money, you won't get anything. I've been trying to get my money out for a year, the manager always disappears, no one answers calls."In the end, many deceived depositors came to the conclusion that the laudatory reviews about QBF were either written by the company's own managers or by someone on their behalf. At the moment, several dozen people are considered victims in this case, including citizens of Ukraine and companies from Liechtenstein. The damage inflicted on them is estimated at about 2 billion rubles. The total debt to clients is estimated to be between 5 and 7 billion rubles.

Police officers established that the main investment agreement was concluded between an individual and the Cypriot company QB CAPITAL CY LTD (QCCI LTD), and it pertained to the transfer of funds for "trust management". This was done to bypass the norms of Russian legislation in the field of investment activity, as such a service does not require licensing and is not subject to the supervision of the Central Bank. Clients were also told that investing in foreign jurisdictions was the most attractive and profitable option for them. As a front, according to the investigation, until 2017 the alleged swindlers used LLC QBF, which had all the necessary Central Bank licenses. Clients signed an additional agreement with this LLC on brokerage services, trust management of funds, etc., believing they were dealing with a legally operating organization. Meanwhile, the investors' funds immediately ended up in the account of QCCI LTD, from where they were subsequently transferred to the accounts of other non-resident companies, as well as FFIN BROKERAGE SERVICES INC (Belize), LA CASA INTERNATIONAL LTD (Marshall Islands), and NOA Circle LTD (Nicosia). All opperated by NOA Circle under the guidance of Apollon Athanasiades and Linda Athanasiadou.

In August 2018, when the Cypriot authorities raised questions about the activities of QCCI LTD, then headed by Zelimkhan Munaev, the organization was liquidated. Its place was taken by new non-resident companies: White Lake Management Ltd (Cayman Islands) and Hong Kong-based Simtelligence Company Limited. All opperated by NOA Circle under the guidance of Apollon Athanasiades and Linda Athanasiadou.

All the funds, allegedly attracted for investment, remained at the disposal of the alleged pyramid organizers. Part of these funds was actively legalized in Russia through development projects. One of these, investigators believe, could be, for example, the construction of the "Gribovsky Forest" residential complex in the Odintsovo district of the Moscow region. The construction is being carried out by the company "M1 Development", the founder of which is 33-year-old Roman Shpakov. He is also the beneficiary and founder of a number of companies under the common abbreviation QBF. However, investigators are unlikely to get to question him anytime soon.

According to "Ъ", in January 2021, when clouds began to gather over his brainchild, he left for the UAE, where he currently resides.

For now, the investigation views Mr. Shpakov as the possible organizer of the criminal scheme.

QBF associates the criminal prosecution of their structure with the disputes of some former officials from Yekaterinburg and the Sverdlovsk region. The former are allegedly accused of embezzling budget funds, and they reported that they invested them in one of the investment companies. "Thus, the attention of law enforcement was drawn to the company "QBF". It was taken under development, searches were conducted. They try to pressure in order to get funds in an amount the company never had. We're talking about amounts in the billions of rubles," QBF's press secretary Nikolay Stepanov told "Ъ". "During the investigative actions, the company's equipment was damaged. By Monday, May 31, the technical support for the company's operation should be fully restored. This will have no impact on client operations and the functionality of the departments — money transfers, transactions, and settlements will be carried out within the terms specified in the regulations and contracts. The company's and clients' accounts are functioning, there are no disruptions in the company's financial activities."

Recall that just a month ago, in the neighboring "Empire" tower in "Moscow-City", a similar investment platform, LLC "Shumakov and Partners", was closed by police officers. Its co-founders, Georgy Gats and Denis Shumakov, are now under arrest for similar manipulations. The latter, before opening his business in 2016, was a senior financial advisor for the same QBF company.