A man suspected of running several Ponzi-style schemes was caught by Russian police last week upon request from the Kazakhstan’s law enforcement authorities.
Russia’s national criminal court is reportedly considering a Kazakhstan extradition request for Pavel Krymov, who was detained at Moscow’s Sheremetyevo airport on February 6, 2018.
Mr. Krymov has allegedly deceived thousands of investors for more than 15 years through various fraudulent projects including Forex Trend, AGAM, Private FX, Panteon Finance, Questra World, among many others
According to local media outlet Lenta.ru, Krymov was moved to a temporary stay in the bullpen and will be handed over to the Kazakhstan authorities in the near future.
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A legal source told Lenta that Russian authorities have 40 days from the date of Krymov’s arrest to make their case for extradition, which is until March 17, 2018.
Kazakhstani officials believe Krymov played an influence role in operating several investment scams that swindled victims spanning over Ukraine, Russia, Kazakhstan, Belarus, as well as several European and Asian countries. Ever since its dissolution, clients of the defunct Forex Trend said they have lost more than $30 million.
Forex Trend was a Ukrainian broker registered in New Zealand that shut down without notice in 2014 – the broker ran into a litany of hurdles after seizing all of its clients’ funds as it trended towards oblivion. However, traders have since remained active in online forums where they speculate on the chances of the broker’s rebirth.
Last month, the Cyprus Securities and Exchange Commission (CySEC) also imposed a fine of €10.000 against Krymov, who was named in the regulator’s circular as shareholder of Skopelino Finance Ltd (now Concorde Investments Ltd).
Some reports say Pavel was even the co-founder of Questra Holdings, which claims to be headquartered in Spain to offer investors across the world investment packages which generate revenues of up to 312 percent per year.
The company claims to be BVI registered and has posted a so-called ‘Certificate of Good Standing’ confirming its existence on its website. However, the system proposed by Questra Holdings has every appearance of being of a pyramidal type or at least a Ponzi fraud.