Russian court confirms arrest warrants for Finiko crypto pyramid’s founders.

The Supreme Court of Tatarstan, a republic of the Russian Federation, has confirmed the arrest warrants issued in absentia for the founders of Finiko crypto pyramid founders Zygmunt Zygmuntovich and Marat and Edward Sabirov. The three wanted men are close associates of Finiko’s founder Kirill Doronin. Doronin, an Instagram influencer whose name has been linked to other fraudulent schemes, was arrested in July. Later, authorities detained the pyramid’s vice president, Ilgiz Shakirov, as well as two women, Lilia Nurieva and Dina Gabdullina, who have allegedly lured thousands of investors with promises for high returns.

Sabirov brothers left the country. 

Zygmuntovich and the Sabirov brothers managed to leave the country and avoid detention. In Tatarstan’s highest court, they were represented by government-appointed lawyers who appealed the initial decision to seek their arrests internationally. During the proceedings, Marat Sabirov’s defense attorney, Gulnaz Nafieva, insisted her client had already been out of the country when the criminal case was initiated. Despite this argument, the court did not uphold her appeal to revoke Sabirov’s arrest warrant, Inkazan.ru reported.

Investigators believe the three fugitives have escaped to UAE. 

According to an article published by Business Online earlier, investigators believe the three fugitives have escaped to the United Arab Emirates through Belarus. However, some sources familiar with the Finiko case claim that Zygmuntovich, considered to be Doronin’s right hand, is actually hiding in Abkhazia, the Russia-backed breakaway republic of Georgia. A businessman from Tatarstan, Eric Gafarov, has been quoted as stating that the Finiko co-founders are currently in Turkey. The total of the officially registered losses to the cryptocurrency scam, one of Russia’s largest financial pyramids in recent years, has exceeded 1 billion rubles.