In Kabardino-Balkaria, fraudsters created a financial pyramid, stealing $12 million

In the Kabardino-Balkarian Republic, the police found a pyramid scheme with a turnover of over 915 million rubles ($12 million). On Monday, February 14, TASS reports.

According to the agency, the financial pyramid consisted of almost three thousand investors. So far, 18 people have been arrested. Five of them are the organizers of the criminal scheme. Two more accomplices are wanted. The investigation into the case continues.

The investigation believes that the pyramid was created by criminals in 2020. The search for victims was carried out using Internet advertisements for investments in profitable business projects.