Admin l Thursday, April 06, 2017
MOSCOW, Russia – The Russian Government has instituted a criminal case against alleged Ponzi scheme organizer Vladimir Romanov charged for duping hundreds of Russians through investment in his pyramid scheme.
He was alleged to have embezzled money belonging to more than 1,800 Russian citizens, press service of the Samara Region’s prosecutor’s office announced on Thursday.
According to investigators, the defendant and his alleged accomplice Dmitry Artamonov created Investoil Financial Group, an organization operating as a financial pyramid.
They are said to have organized the firm’s extensive advertisement of high yield on deposits in a short time.
“As a result, from January 2012 to March 2015, they invited citizens’ funds amounting to 600 million rubles ($10.7 million) on the pretext of paying unreachable interest”, the statement said.
Over 1,800 people have been recognized as victims of the scam.
