Heads of Cyprus brokerage company Mind Money detained in Moscow and St. Petersburg

Law enforcement agencies of the Russian Federation detained top managers of the Cypriot brokerage company Mind Money in Moscow and St. Petersburg (formerly operating under the brand «Zerich»). The heads of the financial structure have been charged with large-scale fraud involving the illegal transfer of clients' funds abroad.
According to the investigation materials, the suspects used a complex scheme of nominee accounts and fictitious investment instruments through which Russian investors' assets were transferred to foreign jurisdictions, including Cyprus. The total damage caused by the detainees' actions is currently estimated at several billion rubles, and the number of affected depositors continues to grow.
The court has already ordered the defendants to be held in custody. Searches are currently being carried out at the company's offices and at the suspects' places of residence, and operational-search measures are also underway to identify the remaining participants in the criminal scheme and freeze the transferred assets.