Russian police finish investigation into RUB 32 million FX fraud scheme
Prosecutors in Russia’s Priamurie finalize investigation into a fraudulent scheme that cost 359 investors more than RUB 32 million.
The police of Russia’s Priamurie on Sunday announced that it had finalized its investigation into a RUB 32 million Forex fraud scheme. The investigation is a part of a criminal case against six defendants, accused of fraud.
According to the prosecutors, the administrators of an online trading website offered investors to pump their money into managed accounts for trading on the Forex markets. The clients were promised that they would receive percentage of the profits generated from this trading. Given that the promised returns were very high, the offer appeared rather attractive.
“In March 2013, the website stopped operating. The defrauded investors filed reports with the police and a criminal case was opened. The number of victims has reached 359, and the total of money lost has exceeded RUB 32 million”, a representative of the police has explained.
During the course of the investigation, the police raided premises in the city of Blagoveshchensk, where the entity in question was registered. The police also identified six individuals responsible for the fraudulent scheme. Two of these individuals have reached settlements to co-operate with the police and their cases are now separated from the rest. One of the individuals has already been sentenced and the case materials for another of the fraudsters are currently reviewed by the court. Two of the defendants are not located – there are search warrants for them.
At the present moment, the preliminary investigation into the actions of two of the defendants: 27-year old manager of the department for technical support of the website, and a 26-year old woman who was responsible for the financial matters of the company, is complete. The case materials will be referred to the Court in Blagoveshchensk.
Forex pyramids remain a problem in Russia, although, technically, there is a Forex law that allows only companies with Forex dealer licenses from the Russian central bank to operate in Russia and to offer their services to Russian residents.
