Moscow arrests designer accused of helping run Finiko financial pyramid scheme

Russian authorities have arrested entrepreneur and designer Azat Tukhvatullin, whom investigators accuse of helping organise the Finiko financial pyramid scheme, Kommersant reports.

Moscow’s Meshchansky District Court ordered Tukhvatullin’s arrest following a request from investigators, according to the Moscow City Court’s electronic case database.

Tukhvatullin has been charged with fraud on an especially large scale under Article 159 of Russia’s Criminal Code.

The Interior Ministry says more than 7,700 people were affected by Finiko’s activities, with total losses exceeding 1 billion roubles ($12 million).

Finiko co-founder Edward Sabirov was deported from the United Arab Emirates to Russia in December 2025 and is currently being held in custody.

Investigators allege that Sabirov and his associates operated the scheme between 2018 and 2021. Clients were promised that their money would be invested in securities and cryptocurrencies and would generate returns, but investigators say no genuine investments were made.

By Aghakazim Guliyev