SBU Blocks Financial Pyramid That Embezzled $250 Million From Depositors. Likely B2B Jewelry

About 600,000 depositors were deceived.

The Security Service of said on its website that it had blocked the activities of an organized criminal group whose members set up a financial pyramid with the aim of seizing funds.

SBU operatives established that more than 600,000 Ukrainian citizens became depositors of the pyramid. After seizing the depositors' funds, they bought property and invested in business. According to the agency's estimates, the amount of embezzled funds is $250 million.

More than 20 people, as well as about 100 legal entities, are involved in the financial scheme. Today the SBU carried out 48 searches in Kyiv and Vinnytsia regions, as well as in Odesa, and arrested the property of the perpetrators.

The article does not specify which financial pyramid is meant. It is most likely the company B2B Jewelry, as evidenced by some of the photographs taken by SBU employees, in which a jewelry store can be seen, as well as papers similar to B2B Jewelry "certificates".

NV contacted the company's office in Kyiv regarding information about the searches and the seizure of property. However, they assured that they knew nothing about the SBU's actions, and that B2B Jewelry's work had not stopped.

At the moment, law enforcement agencies are deciding on suspicion against the persons involved in the case. They are charged with committing crimes by a group of persons, fraud with financial resources and money laundering.

Earlier it was reported that the co-owners of B2B Jewelry are suspected of tax evasion on a particularly large scale, and of using a scheme to withdraw cash through a fictitious charitable foundation. 

In March, the founder of the B2B Jewelry financial pyramid, Mykola Gonta, said that the company is suspending its activities for the duration of the quarantine.