The QBF fraud case (Russian: дело КьюБиЭф) was a Ponzi-style investment scheme run through the Moscow-based brokerage QBF between 2012 and 2021. Russian police opened a criminal file in April 2021; five senior managers were jailed for 8–18 years in March 2025, and two organisers remain fugitives. The Central Bank revoked all QBF licences in July 2021, and parallel civil actions are proceeding in Cyprus and Russia.
Background
Company operations
QBF (originally QB Finance) was founded in 2008 in Moscow by Roman Valerievich Shpakov (Russian: Роман Валерьевич Шпаков).[1][2] The company obtained Russian financial services licenses in 2009 for brokerage, dealer,[3] securities management, and depository activities.[4][5] QBF joined the National Association of Securities Market Participants (NAUFOR) in 2014[6][7][8] and maintained its headquarters in Moscow City at Presnenskaya Embankment 8, Building 1, occupying several floors in the "City of Capitals" complex.[9]
QBF offered discretionary portfolio management services and marketing access to international capital markets with projected annual returns of 15-20%.[10] The company operated through multiple entities, including Russian subsidiaries and Cyprus-based companies. Cyprus operations included QB Capital CY Ltd (company number HE 338967) and other offshore entities in the Cayman Islands, Hong Kong, and Belize.[11]
Key personnel
According to the verdict, QBF functioned as a three-tier criminal association led by Roman Valerievich Shpakov (Russian: Роман Валерьевич Шпаков),[12][13] who served as founder and overall leader of the criminal association.[14]
Domestic subdivision – headed by Vladimir Sergeevich Pakhomov (Russian: Владимир Сергеевич Пахомов) was responsible for the domestic operations and overseeing client recruitment.[15] Under his supervision were Stanislav Anatolievich Matyukhin (Russian: Станислав Анатольевич Матюхин), appointed CEO in 2017[16] and grandson of former Central Bank Chairman Georgy Matyukhin (1990–1992); Zelimkhan Vladimirovich Munaev (Russian: Зелимхан Владимирович Мунаев), co-founder and former head of Cyprus operations; and Alexei Sergeyevich Golubev (Russian: Алексей Сергеевич Голубев), head of Saint Petersburg office.[13]
International subdivision – Linda Athanasiadou (Λίντα Αθανασιάδου) (Russian: Линда Атанасиаду), also known by aliases Kovalenko, Torres, and Athanasiades, managed all offshore financial infrastructure and head of the offshore money-laundering hub.[17][18] She was recruited by Shpakov no later than December 31, 2013, and operated primarily from Cyprus.[13][19]
Legal subdivision – managed by Evgenia Anatolievna Rossieva (Russian: Евгения Анатольевна Россиева), responsible for façade compliance, document preparation, and coordination with Russian authorities. She joined the criminal association no later than August 31, 2017.[13]
Prior to joining QBF, Matyukhin worked at the Federal Financial Markets Service and the Central Bank of Russia, where he supervised the regulation of investment companies, including QBF, creating a significant conflict of interest.[20]
Criminal scheme
Operations period
According to court findings, QBF operated a criminal scheme from June 2012 to May 2021.[21] The company attracted investments under the guise of portfolio management but diverted funds to offshore accounts. Clients received fabricated monthly and quarterly reports showing non-existent profits, while withdrawal requests were systematically delayed or denied.[2]
The scheme targeted wealthy individuals, including government officials, military officers, and business executives. Some clients invested amounts reaching 1 billion rubles, though many could not prove the legal origin of their funds and therefore did not officially report their losses.[21]
International structure
QBF's international operations were structured through multiple offshore jurisdictions, managed by Linda Athanasiadou's international operations division.[13] The criminal organisation operated through a complex network of shell companies designed to obscure money flows and evade regulatory oversight.[22]
The central Cyprus entity QB Capital CY Ltd (company number HE 338967) served as the initial offshore hub, with Zelimkhan Munaev as director until its liquidation in August 2018 following inquiries from Cypriot authorities.[2]
Following the liquidation of QB Capital CY Ltd, the criminal organisation established replacement entities, including White Lake Management Ltd (Cayman Islands), serving as the primary offshore investment vehicle, Simtelligence Company Limited (Hong Kong), handling Asian financial operations, and additional entities in Belize and other jurisdictions.[2]
According to Russian prosecutorial documents, Linda Athanasiadou coordinated money transfers across multiple countries, including Liechtenstein, Kosovo, Armenia, Turkey, South Africa, Cayman Islands, Vanuatu, Comoros, the United States, Poland, and the United Kingdom. The network used nominee representatives and shell companies to disguise the actual ownership and movement of stolen funds.[13]
Investigation and prosecution
Criminal case
The Russian Ministry of Internal Affairs opened criminal case number 12001450007000902 in April 2021.[10] On 25–26 May 2021, law enforcement conducted searches at over 30 locations in Moscow and Saint Petersburg, including QBF's headquarters and regional offices.[2]
Charges were filed under Russian Criminal Code Article 159, Part 4 (fraud by organised group) and Article 210 (criminal organisation).[23][24]
The prosecution had requested sentences ranging from 14 to 20 years for the March 2025 defendants.[27][28] None of the defendants except Munaev acknowledged guilt.[21]
Fugitive individuals
Two key figures remain at large with active international warrants:
According to Russian prosecutorial documents, both fugitives face charges under Criminal Code Article 210, Part 3 (criminal organisation leadership) and Article 159, Part 4 (large-scale fraud).[13][34][24]
Criminal proceedings against both fugitives continue as separate cases.[21]
Arrest details
The first arrests occurred in May 2021 following searches at over 30 locations in Moscow and Saint Petersburg conducted by law enforcement officers from multiple agencies, including the Main Directorate for Ecology and Crime Control of the Ministry of Internal Affairs, supported by special forces.[35]
Zelimkhan Munaev barricaded himself in his apartment on Nikolaeva Street for three hours before surrendering to authorities. The door had to be broken down after anti-removal pins jammed, preventing Munaev from opening it from inside.[2]
Evgenia Rossieva was arrested without incident at her residence on Udaltsova Street. During searches at QBF's headquarters in the "City of Capitals" complex, investigators found documentation and electronic media, including a memo for managers advising how to behave during law enforcement visits.
[2]
Regulatory response
Central Bank of Russia
The Central Bank of Russia suspended QBF operations on 3 June 2021,[36] citing regulatory violations. All company licenses were revoked on 8 July 2021.[37][38][39] Temporary administration was appointed on 21 September 2021,[40] with bankruptcy proceedings initiated in 2024.[41][42]
Cyprus Securities and Exchange Commission
CySEC imposed administrative penalties on QBF-related entities, Pruden Ventures Capital Ltd (formerly QBF Investment Ltd and Constance Investment Ltd),[43] totaling €25,900 between 2023-2024, [44][45][46][47][48] contrasting with estimated investor losses of €70-100 million.[49][50]
Victim impact
Scale of losses
Russian court documents identify over 2,000 individuals who filed complaints regarding QBF investments.[51] Verified claims in bankruptcy proceedings total ₽ 2.048 billion from 151 creditors,[52] while total estimated losses range from ₽ 5 billion to ₽ 7 billion.[10] Approximately 500 individuals were officially recognised as victims in the criminal proceedings.[27]
Notable cases
Ballerina Anastasia Volochkova invested ₽ 3 million in 2020, with ₽ 1.7 million remaining unrecovered.[53] Court proceedings revealed that QBF management initially returned ₽ 500,000 to Volochkova, hoping she would use her connections to help unfreeze company accounts.[21][54]
The Borzenkov family, including former Yekaterinburg Deputy Mayor Ilya Borzenkov, transferred ₽ 974 million to QBF between 2016-2018.[55][56]
Current status
As of 2025, bankruptcy proceedings [57][58] continue under Central Bank supervision. Civil litigation remains active in multiple jurisdictions.[59] The criminal case against fugitive defendants Roman Shpakov and Linda Athanasiadou continues as separate proceedings.[60]
^"«Настойчиво уговаривали»: как пирамида QBF разорила россиян". Газета.Ru (in Russian). gazeta.ru. 4 August 2025. Компания QBF была основана в 2008 году и на протяжении всего времени существования имела лицензию от Центробанка. Однако в 2020 году после нескольких обращений россиян о невозможности вывести вложенные средства на компанию обратили внимание правоохранительные органы.
^"English: Russian court report (Case No. 12001450007000902) exposes QBF Ponzi scheme, detailing RUB 1.99B fraud and laundering by Roman Shpakov, Linda Athanasiadou, and Apollon Athanasiades"(PDF). Moscow Tverskoy District Court. 1 May 2022. Retrieved 1 August 2025. Athanasiadou Linda voluntarily joining the criminal association in the role of head of the second functionally separate structural subdivision of the criminal association, thereby entrusting Athanasiadou Linda with the following duties: - leadership of the second structural subdivision of the criminal organisation; - seeking organisations, nominee managers, representatives acting under a power of attorney in the territory of foreign countries, as well as legal support of these organisations, including: "QB Capital CY LTD ("QB Capital CY LTD"); WLM LTD ("WLM LTD"); White Lake Management LTD ("White Lake Management LTD"); Simtelligence Company Limited ("Simtelligence Company Limited"); Argento Access S.A.S.A.A.A R.L. ("Argento Access S.A R.L."); Constance Investment LTD ("Constance Investment LTD"); T.C.R. International L TD ("T.C.R. International LTD), the details of which were used in the production of standard sets of various types of fictitious contracts, agreements and accompanying documents purportedly indicative of legitimate activities, as well as for the crediting of funds received from clients to the accounts of these organisations; - opening and maintaining accounts for both legal entities registered in the territory of the Russian Federation and non - residents used to embezzle funds, making transit transfers of funds received from citizens to accounts opened with credit institutions located in the territory of the Russian Federation and in various foreign countries, including: Principality of Liechtenstein; Republic of Kosovo; Republic of Armenia; Republic of Turkey; Republic of South Africa; Cayman Islands; Republic of Vanuatu; Union of the Comoros; United States of America; Republic of Poland; United Kingdom of Great Britain and Northern Ireland; - Scheme operations with citizens' money, the ultimate goal of which was to withdraw money outside the Russian Federation, cash in, purchase immovable property and securities with the money stolen from citizens, and finance the construction of real estate; - coordination and control over the actions of the participants of the second structural unit of the criminal association, as well as persons involved in the activities of this structural unit who are unaware of the criminal plan of the accomplices;
^"Новости прокуратуры города Москвы - Прокуратура города Москвы". epp.genproc.gov.ru. Prosecutor General's Office of the Russian Federation. Retrieved 9 August 2024. The Presnensky District Court of Moscow has issued a guilty verdict in a criminal case against 32-year-old resident of the capital, Zelimkhan Munayev. He was convicted under Part 2 of Article 210 of the Criminal Code of the Russian Federation (participation in a criminal community (criminal organization)) and Part 4 of Article 159 of the Criminal Code of the Russian Federation (fraud committed by an organized group on an especially large scale). The indictment in the criminal case was approved by the Prosecutor General's Office of the Russian Federation. It was established that between June 2012 and May 2021, Munaev, together with his accomplices, the criminal case against whom was separated into a separate proceeding, was part of a criminal community organized on the basis of the QBF group of companies. Munayev, together with other members of the criminal community, organized the signing of agreements on direct access to the securities market with victims on behalf of affiliated foreign legal entities. In doing so, the criminals misled citizens regarding the legality of carrying out activities related to transactions with securities, since they did not have a mandatory license issued by the relevant authorized body. Uninformed victims, believing that they were investing their funds for the purpose of making a profit, entered into trust management agreements and deposited money in cash and by bank transfer. Munaev and his accomplices, having received the opportunity to dispose of the victims' funds, used them not for the purposes specified in the agreement, but stole them. As a result of the criminal activity of Munaev and his accomplices, depositors' funds in the amount of over 1 billion 238 million rubles were stolen. The criminal case against the organizer of the criminal group has been separated into a separate proceeding due to his being on the international wanted list. Taking into account the position of the state prosecutor of the Presnensky inter-district prosecutor's office, the court sentenced Munayev to 8 years of imprisonment to be served in a general regime penal colony.
^"Новости прокуратуры города Москвы - Прокуратура города Москвы". epp.genproc.gov.ru. Prosecutor General's Office of the Russian Federation. Retrieved 9 August 2025. Taking into account the position of the state prosecutor of the Presnensky interdistrict prosecutor's office, the court sentenced Pakhomov to 18 years of imprisonment to be served in a strict regime penal colony, Matyukhin to 17 years of imprisonment to be served in a strict regime penal colony, Golubev to 13 years of imprisonment to be served in a general regime penal colony, and Rossiyev to 15 years of imprisonment to be served in a general regime penal colony. The investigation into the wanted persons Shpakov, Atanasiadou and their unidentified accomplices continues.
^"Новости - Генеральная прокуратура Российской Федерации". epp.genproc.gov.ru. Prosecutor General's Office of the Russian Federation. Retrieved 9 August 2025. The Russian Prosecutor General's Office has approved an indictment in a criminal case on the theft of over 2 billion rubles. The Prosecutor General's Office of the Russian Federation has approved an indictment in a criminal case against members of a criminal organization created by Roman Shpakov and operating in the form of the QBF (КьюБиЭф) (КБФ) group of companies: Vladimir Pakhomov (Владимир Пахомов), Stanislav Matyukhin (Станислав Матюхин), Evgenia Rossieva (Евгения Россиева), and Alexey Golubev (Алексей Голубев). According to the investigation, between 2012 and 2021, together with Linda Athanasiadou (Атанасиаду) and other individuals, through a network of offices opened in various regions of the Russian Federation, they stole more than 2 billion rubles through fraud and abuse of trust, which they received from clients for trust management under the guise of investing in international financial projects. The investigation into the wanted persons Shpakov (Шпаков), Athanasiadou (Атанасиаду) and their unidentified accomplices continues. After the indictment was approved, the criminal case was sent
^"Information on the case № 3/1-0159/2024 - Convicted: Athanasiadou L. (St. 159, H. 4)". mos-gorsud.ru. Official portal of courts of general jurisdiction of the city of Moscow. Retrieved 9 August 2025. The materials submitted indicate that the procedure for initiating a criminal case, as well as the procedure for bringing Athanasiadou L. as an accused, regulated by Chapter 23 of the Criminal Procedure Code of the Russian Federation. Appealing to the court with this petition, the investigator argued that the court did not find grounds for choosing a milder measure of restraint, pointing out that Athanasiadou L. was accused of committing serious crimes, for each of which the criminal law provides for punishment in the form of imprisonment for a term of more than 3 years, she hid from the preliminary investigation body, and was put on the international wanted list (vol. 2, case file sheets 252-253). … The consideration of the petition in court was carried out in compliance with the requirements of Article 108 of the Criminal Procedure Code of the Russian Federation and, in particular, the provisions of Part 5 of Article 108 of the Criminal Procedure Code of the Russian Federation, which allows for the adoption of a court decision on the choice of a measure of restraint in the form of detention in the absence of the accused, since, as follows from the submitted material, Athanasiadou L. was put on the international wanted list, which has not yet been terminated and the fact that the accused is on the international wanted list has not been refuted. At the same time, the participation of the defence counsel of the accused was ensured in the court session of the court of first instance. The court of appeal does not see any violations of the Criminal Procedure Code of the Russian Federation, as well as violations of the rights of the accused provided for by the Constitution of the Russian Federation.
^"Информация по делу № 3/1-0159/2024". Информация по уголовным делам апелляционной инстанции - Информация по судебным делам - Сервисы - Московский городской суд - Официальный портал судов общей юрисдикции города Москвы. mos-gorsud.ru.
^"СМИ узнали о вскрытии полицией финансовой пирамиды под вывеской инвесткомпании QBF" [The media learned about the police opening a financial pyramid under the sign of the QBF investment company]. www.banki.ru (in Russian). banki.ru. Retrieved 4 August 2025. Расследованием противоправной деятельности представителей QBF силовики, по данным «Коммерсанта», занимались более года. Задержание соучредителя ООО QBF, ранее возглавлявшего кипрский филиал компании, Зелимхана Мунаева и юриста этой структуры Евгении Россиевой было произведено на прошлой неделе, при этом Мунаев сначала забаррикадировался в своей квартире и три часа отказывался открывать, а сдался лишь после того, как спецназовцы начали вскрывать дверь; с Россиевой у правоохранителей проблем не возникло. Оба они являются фигурантами возбужденного в апреле 2021 года уголовного дела об особо крупном мошенничестве. Тверской райсуд Москвы заключил их под стражу.
^"CySEC fines Pruden Ventures Capital". FX News Group. 2024-12-18. The fine stems from the firm's violation of section 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017. The firm was previously known as QBF Investment Ltd and Constance Investment Ltd
^"Миллиардные потери: в Москве судят организаторов пирамиды, куда вложилась Волочкова" [Billion-dollar losses: the organisers of the pyramid, where Volochkova invested, are on trial in Moscow]. Газета.Ru (in Russian). gazeta.ru. 4 August 2025. Сотрудникам брокерской компании QBF, обвиняемым в хищении у балерины Анастасии Волочковой 1,7 млн рублей, грозит от 14 до 20 лет лишения свободы. Именно такой срок просит назначить сторона обвинения. Всего потерпевших около 500 человек, официально ущерб составляет несколько сотен миллионов рублей, но СМИ сообщают, что всего граждане успели вложить до 7 млрд руб. Жертвами пирамиды стали и бюджетники, которые не хотят обращаться в полицию, чтобы не раскрывать сумму ущерба.
