Former Russian Communications Minister Nikolai Nikiforov named suspect in pyramid scheme. He was charged in absentia — he now lives in the UAE.
The Russian Interior Ministry’s Investigative Department has charged Nikolai Nikiforov, Russia’s former minister of communications and mass media, in absentia with organizing a criminal syndicate and large-scale fraud, according to the Russian business daily Kommersant.
Former Russian Communications Minister Nikolai Nikiforov has been named a suspect in a pyramid scheme, according to the Russian business daily Kommersant. He is accused of organizing a criminal syndicate and engaging in large-scale fraud through a company called Finiko. Nikiforov, who now resides in the UAE, was charged in absentia in a criminal case involving Finiko.
The company allegedly recruited investors with promises of annual returns of up to 25%, but eventually stopped paying dividends, causing losses of around 5 billion rubles to approximately 8,000 people. Finiko's money was reportedly transferred abroad with the involvement of an architectural firm called Innopolis Architect, of which Nikiforov is also a co-owner.
Nikiforov served as Russia's minister of communications and mass media from 2012 to 2018 before resigning. He was found guilty of plagiarism in 2014 during his tenure as Tatarstan's minister of information technology and communications.
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