Particle.news
Download on the App Store

St. Petersburg Police Dismantle 600 Million-Ruble Investment Pyramid as New Senior Fraud Cases Emerge

Officials say at least 200 people were lured through a front company with loans promising returns of up to 25%.

Overview

  • Investigators conducted raids that seized mobile phones, computers, data carriers and seals of sham organizations.
  • A criminal case for large-scale fraud under Article 159 Part 4 has been opened, suspects have been detained, and materials were transferred to the Main Investigation Department.
  • Police say a separate scheme persuaded an 88-year-old woman to move more than 20 million rubles, including proceeds from selling her apartment, to a so-called safe account.
  • Another case involves a 79-year-old man who lost 4 million rubles after being convinced to collect cash from other seniors as a supposed operative courier.
  • Authorities describe a family-run operation led by a local entrepreneur who, with his sister and nephew, used an installation firm to solicit funds under the guise of loans.