The founder of a financial pyramid was imprisoned in Krasnoyarsk, a fact confirmed by the district attorney’s office. The 45-year-old defendant, convicted by the Sovetsky District Court, had previously led a credit consumer cooperative and faced charges on two separate counts.
According to reports by TVK, the former owner of an illegal financial institution was also the founder of IntalDevelopment, a business active in construction since 2008. He reportedly built several summer homes and named them after gemstones, signaling a penchant for branding that paired real estate projects with high-risk ventures.
In pursuit of additional capital for his enterprise, he joined the Credit and Savings Center cooperative. He allegedly diverted funds invested by 15 residents across five federal districts, funds that had been entrusted to the cooperative by ordinary savers seeking modest returns.
Investigators say the defendant continued operations designed to withdraw citizens’ personal savings by opening a branch in Moscow. Shareholders were promised monthly returns as high as 21 percent. Over the period from 2011 to 2018, the scam allegedly netted more than 422 million rubles from 1,228 people, funds which were used for personal purposes rather than legitimate business activities.
The court sentenced the man to seven years in prison for fraud and money laundering. In connection with the case, properties linked to the defendant, including plots in Sochi and Yemelyanovo, as well as a hut near Krasnoyarsk, were seized as part of the asset recovery process. These actions illustrate the reach of the scheme and the authorities’ commitment to dismantling it, including steps to prevent further losses by victims.
Earlier reports noted that in Kabardino-Balkaria, 18 individuals who formed a separate financial pyramid were detained, with losses estimated at 915 million rubles. The incidents together highlight a broader pattern of investment scams that lure gullible investors through promises of high returns and easy money, then siphon assets away from unsuspecting households.
These cases underscore the importance of due diligence in the realm of consumer finance and the vigilance required by regulators, banks, and the public to recognize red flags. Across jurisdictions, the consequences for organizers of such schemes can be severe, including criminal charges, asset forfeiture, and lengthy prison terms. Authorities emphasize the need for transparency in investment offerings, clear disclosure of risks, and a robust framework of consumer protections to deter similar schemes in the future. Attribution: TVK and regional prosecutorial offices report on the proceedings and outcomes of the cases cited.