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QBF fraud case

From Wikipedia, the free encyclopedia
QBF fraud case
CourtPresnensky District Court, Moscow
Full case name Criminal case No. 12001450007000902
Decided11 March 2025 (ongoing appeals)
Case history
Subsequent actionAppeals filed March 2025
Related actionCyprus District Court Case 525/2022
Holding
Guilty on all charges (Russian defendants)
Court membership
Judge sittingThree-judge panel
Keywords
Securities fraud, Ponzi scheme, Money laundering, Offshore company

The QBF fraud case (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, while founder Roman Valerievich Shpakov remains a fugitive. The Central Bank revoked all QBF licences in July 2021, and parallel civil actions are proceeding in Cyprus and Russia.

Background

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Company operations

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QBF (originally QB Finance) was founded in 2008 in Moscow by Roman Valerievich Shpakov (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

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According to the verdict, QBF functioned as a three-tier criminal association led by Roman Valerievich Shpakov (Роман Валерьевич Шпаков),[12][13] who served as founder and overall leader of the criminal association.[14]

  • Domestic subdivision – headed by Vladimir Sergeevich Pakhomov (Владимир Сергеевич Пахомов) was responsible for the domestic operations and overseeing client recruitment.[15] Under his supervision were Stanislav Anatolievich Matyukhin (Станислав Анатольевич Матюхин), appointed CEO in 2017[16] and grandson of former Central Bank Chairman Georgy Matyukhin (1990–1992); Zelimkhan Vladimirovich Munaev (Зелимхан Владимирович Мунаев), co-founder and former head of Cyprus operations; and Alexei Sergeyevich Golubev (Алексей Сергеевич Голубев), head of Saint Petersburg office.[13]
  • International subdivision – handled offshore entities, foreign accounts, and cross-border transfers.[13]
  • Legal subdivision – managed by Evgenia Anatolievna Rossieva (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.[17]

Criminal scheme

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Operations period

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According to court findings, QBF operated a criminal scheme from June 2012 to May 2021.[18] 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.[18]

International structure

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QBF's international operations used multiple offshore jurisdictions.[13] The criminal organisation operated through a complex network of shell companies designed to obscure money flows and evade regulatory oversight.[19]

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, the network moved funds through accounts in Liechtenstein, Kosovo, Armenia, Turkey, South Africa, the Cayman Islands, Vanuatu, Comoros, the United States, Poland, and the United Kingdom. It used nominee representatives and shell companies to disguise ownership and the movement of funds.[13]

Investigation and prosecution

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Criminal case

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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).[20]

Convicted individuals

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QBF Fraud Case – criminal sentences (2023–2025)
NameRoleSentenceRegimeDateNotes
Zelimkhan Munaev (Зелимхан Мунаев)Co-founder; ex-Cyprus head8 years [21]General21 Sep 2023Pleaded guilty; 239 volumes of testimony[10]
Vladimir Pakhomov (Владимир Пахомов)Branch-network director18 years [22]Strict11 Mar 2025Maximum term[18]
Stanislav Matyukhin (Станислав Матюхин)CEO17 yearsStrict11 Mar 2025Grandson of former CBR chairman[18]
Evgenia Rossieva (Евгения Россиева)Head of legal15 yearsGeneral11 Mar 2025Held 2½ years pre-trial[18]
Alexei Golubev (Алексей Голубев)St Petersburg head13 yearsGeneral11 Mar 2025Minimum among 2025 defendants[18]
Total71 years

The prosecution had requested sentences ranging from 14 to 20 years for the March 2025 defendants.[23] None of the defendants except Munaev acknowledged guilt.[18]

Fugitive individual

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Roman Shpakov remains at large and is subject to an international warrant:

QBF Fraud Case Fugitive
NameRoleStatusLocationInterpol StatusNotes
Roman Shpakov (Роман Шпаков)Founder and criminal association leaderInternational fugitiveUAE (fled January 2021), reportedly LondonRed Notice since October 2021Primary scheme organizer[18]


Criminal proceedings against Shpakov continue as a separate case.[18]

Arrest details

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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.[24]

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

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Central Bank of Russia

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The Central Bank of Russia suspended QBF operations on 3 June 2021,[25] citing regulatory violations. All company licenses were revoked on 8 July 2021.[26][27][28] Temporary administration was appointed on 21 September 2021,[29] with bankruptcy proceedings initiated in 2024.[30][31]

Cyprus Securities and Exchange Commission

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CySEC imposed administrative penalties on QBF-related entities, Pruden Ventures Capital Ltd (formerly QBF Investment Ltd and Constance Investment Ltd),[32] totaling €25,900 between 2023-2024,[33] [34][35][36][37] contrasting with estimated investor losses of €70-100 million.[38][39]

Victim impact

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Scale of losses

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Russian court documents identify over 2,000 individuals who filed complaints regarding QBF investments.[40] Verified claims in bankruptcy proceedings total ₽ 2.048 billion from 151 creditors,[41] while total estimated losses range from ₽ 5 billion to ₽ 7 billion.[10] Approximately 500 individuals were officially recognised as victims in the criminal proceedings.[23]

Notable cases

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Ballerina Anastasia Volochkova invested ₽ 3 million in 2020, with ₽ 1.7 million remaining unrecovered.[42] Court proceedings revealed that QBF management initially returned ₽ 500,000 to Volochkova, hoping she would use her connections to help unfreeze company accounts.[18] [43] The Borzenkov family, including former Yekaterinburg Deputy Mayor Ilya Borzenkov, transferred ₽ 974 million to QBF between 2016-2018.[44][45]

Current status

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As of 2025, bankruptcy proceedings [46][47] continue under Central Bank supervision. Civil litigation remains active in multiple jurisdictions.[48]

See also

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References

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  1. ↑ "Полиция раскрыла финансовую пирамиду под вывеской инвесткомпании - The police uncovered the financial pyramid under the sign of the investment company". Forbes.ru (in Russian). 31 May 2021. Retrieved 4 August 2025.
  2. 1 2 3 4 5 6 7 "Инвестиции ушли в офшоры". Kommersant (in Russian). 2021-05-29.
  3. ↑ "«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.
  4. ↑ "СМИ узнали о вскрытии полицией финансовой пирамиды под вывеской инвесткомпании QBF". Банки.ру (in Russian). www.banki.ru.
  5. ↑ "Анастасия Волочкова стала жертвой мошенников из «КьюБиЭф»". Банки.ру (in Russian). www.banki.ru. Retrieved 4 August 2025.
  6. ↑ "Членство в НАУФОР ООО ИК "КьюБиЭф" (г. Москва) распространено на депозитарную деятельность". НАУФОР. naufor.ru. Retrieved 4 August 2025.
  7. ↑ "Вынесение предупреждения ООО ИК "КьюБиЭф"". НАУФОР (in Russian). Retrieved 4 August 2025.
  8. ↑ "ГОДОВОЙ ОТЧЁТ САМОРЕГУЛИРУЕМАЯ ОРГАНИЗАЦИЯ «НАЦИОНАЛЬНАЯ ФИНАНСОВАЯ АССОЦИАЦИЯ»" (PDF). nfa.ru.
  9. ↑ "Пирамиде не хватило одной председательствующей". Kommersant (in Russian). 2023-10-20.
  10. 1 2 3 4 "Инвестиции в сроки". Kommersant (in Russian). 2025-03-11.
  11. ↑ "СМИ узнали о вскрытии полицией финансовой пирамиды под вывеской инвесткомпании QBF Подробнее на сайте" [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.
  12. ↑ "Бывшие топ-менеджеры брокера QBF получили от 13 до 18 лет". Vedomosti (in Russian). 11 Mar 2025.
  13. 1 2 3 4 5 6 "Prosecutorial indictment, case 12001450007000902" (PDF) (in Russian). MVD. Retrieved 4 Aug 2025.
  14. ↑ "Бывшие топ-менеджеры брокера QBF получили от 13 до 18 лет". Ведомости (in Russian). 11 March 2025.
  15. ↑ "Cуд назначил домашний арест топ-менеджеру инвестфирмы QBF по делу о мошенничестве". Банки.ру (in Russian). www.banki.ru/. Retrieved 4 August 2025.
  16. ↑ "В Москве задержали экс-главу финансовой пирамиды QBF Станислава Матюхина - Газета.Ru | Новости". Газета.Ru (in Russian). www.gazeta.ru. 4 August 2025. Retrieved 4 August 2025.
  17. ↑ "В Москве задержали внука экс-главы ЦБ по делу о финансовой пирамиде под вывеской QBF". Forbes.ru (in Russian). 26 May 2022. Retrieved 4 August 2025.
  18. 1 2 3 4 5 6 7 8 9 10 "Пирамиду построили в «Сити»". Kommersant (in Russian). 2025-03-12.
  19. ↑ "узнал об обвинении в ОПС сотрудникам инвесткомпании QBF" [accusation of OPS employees of the investment company QBF]. РБК (in Russian). rbc. 13 May 2022. Retrieved 1 August 2025.
  20. ↑ "English: Archive bundle – "QBF investment-fraud case (2008 – 2025)"" (PDF). Government of the Russian Federation. 27 July 2025.
  21. ↑ "Новости прокуратуры города Москвы - Прокуратура города Москвы". epp.genproc.gov.ru. Prosecutor General's Office of the Russian Federation. Archived from the original on 30 August 2024. 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.
  22. ↑ "Новости прокуратуры города Москвы - Прокуратура города Москвы". epp.genproc.gov.ru. Prosecutor General's Office of the Russian Federation. Archived from the original on 5 August 2025. 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.
  23. 1 2 "Прокуратура запросила до 20 лет для брокеров, похитивших деньги у Волочковой". Kommersant (in Russian). 2025-03-10.
  24. ↑ "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.
  25. ↑ "ООО ИК "КьюБиЭф" | Банк России". www.cbr.ru. Central Bank of Russia. Retrieved 2021-07-08.
  26. ↑ "Central Bank Revokes QBF Licenses" (in Russian). Central Bank of Russia. 2021-07-08.
  27. ↑ "ЦБ РФ аннулировал лицензии инвесткомпании QBF". Интерфакс (in Russian). 8 July 2021.
  28. ↑ "ЦБ РФ аннулировал лицензии инвесткомпании QBF". www.interfax.ru. 8 July 2021.
  29. ↑ "Russian c-bank annuls licenses of investment company QBF". FX News Group. 2021-07-08. The company will have to return all funds to its clients not later than January 19, 2022
  30. ↑ "Решения Банка России в отношении: Общество с ограниченной ответственностью Инвестиционная Компания "КьюБиЭф" ИНН: 7733673955 | Банк России". www.cbr.ru. Retrieved 4 August 2025.
  31. ↑ "QBF Company Information". Cbonds. Retrieved 2025-08-04. Bankruptcy proceedings are in progress
  32. ↑ "Pruden Ventures Capital Ltd (formerly QBF Investment Ltd & Constance Investment Ltd)". CySEC. Retrieved 2025-08-04. CIFs may provide their services to countries outside the EU provided that they comply with the regulatory regime of the third country.
  33. ↑ "Cyprus Securities and Exchange Commission (CySEC) Disciplinary Decisions - Latest Decisions". Cyprus Securities and Exchange Commission (CySEC) Disciplinary Decisions. CYSEC. Retrieved 29 August 2025.
  34. ↑ "CySEC Board Decision dated 25 October 2023" (PDF). CySEC. Retrieved 2025-08-04.
  35. ↑ "CySEC Board Decision dated 19 April 2024" (PDF). CySEC. Retrieved 2025-08-04.
  36. ↑ "CySEC Board Decision dated 30 July 2024" (PDF). CySEC. Retrieved 2025-08-04.
  37. ↑ "CySEC Board Decision dated 18 December 2024" (PDF). CySEC. Retrieved 2025-08-04.
  38. ↑ "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
  39. ↑ "Pruden Ventures Capital Ltd Fined € 1,300 by CySEC for Violations". TraderKnows. 2025-07-18. Pruden Ventures Capital Ltd (formerly known as Constance Investment Ltd and QBF Investment Ltd) received administrative fine of € 1,300
  40. ↑ "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.
  41. ↑ "Суд назначил домашний арест главе инвестфирмы QBF по делу о мошенничестве" [The court placed house arrest on the head of the QBF investment firm in a fraud case]. РБК (in Russian). 2 December 2021. Retrieved 4 August 2025.
  42. ↑ "«Настойчиво уговаривали»: как пирамида QBF разорила россиян". Газета.Ru (in Russian). www.gazeta.ru. 4 August 2025. Retrieved 4 August 2025.
  43. ↑ "«Настойчиво уговаривали»: как пирамида QBF разорила россиян". Газета.Ru. www.gazeta.ru.
  44. ↑ "Tumbling from the pyramid: will the QBF wreckage cover Nabiullina and Kuyvashev? | news from Russia and the World". The Moscow Post (in Russian). 12 October 2023.
  45. ↑ "Секреты финансовых пирамид: почему возбудили дело против сотрудников QBF и как компания переводила деньги в офшоры - Secrets of financial pyramids: why a case was opened against QBF employees and how the company transferred money offshore". Forbes.ru (in Russian). 15 June 2021. Retrieved 4 August 2025.
  46. ↑ "АО ФИНАНСОВАЯ ГРУППА "КЬЮБИЭФ" АКЦИОНЕРНОЕ ОБЩЕСТВО ФИНАНСОВАЯ ГРУППА "КЬЮБИЭФ"". Портал Чекко. Archived from the original on 11 May 2022. Retrieved 23 August 2025.
  47. ↑ "ООО ИК "КЬЮБИЭФ" ОБЩЕСТВО С ОГРАНИЧЕННОЙ ОТВЕТСТВЕННОСТЬЮ ИНВЕСТИЦИОННАЯ КОМПАНИЯ "КЬЮБИЭФ"". Портал Чекко. Retrieved 23 August 2025.[dead link]
  48. ↑ "OFFICIAL PORTAL COURTS OF GENERAL JURISDICTION CITIES OF MOSCOW - QBF Case".
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