Organizer of Forex Trend, Questra World Detained by Russian Police in ‎Fraud Case

A man suspected of running several Ponzi-style schemes was ‎caught by Russian police last week upon request from the ‎Kazakhstan’s law enforcement authorities.‎

Russia’s national criminal court is reportedly considering a Kazakhstan extradition request for ‎Pavel Krymov, who was detained at Moscow's Sheremetyevo airport on ‎February 6, 2018.‎

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Mr. Krymov has allegedly deceived thousands of investors for ‎more than 15 years through various fraudulent projects ‎including Forex Trend, AGAM, Private FX, ‎‎Panteon Finance, ‎Questra World, among many others

According to local media outlet Lenta.ru, Krymov was moved to a temporary stay in the bullpen and will be handed over to the Kazakhstan authorities in the near future.‎

A legal source told Lenta that Russian authorities have 40 days from the date of Krymov’s arrest to make their ‎case for extradition, which is until March 17, 2018.‎

Kazakhstani officials believe Krymov played an influence role in operating several investment scams that swindled victims spanning over Ukraine, Russia, Kazakhstan, Belarus, as well as several ‎European and Asian countries. Ever since its dissolution, clients of the defunct Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Trend said they have lost more than $30 million.‎

Forex Trend was a Ukrainian broker registered in New Zealand that shut down without notice in 2014 – the broker ran into a litany of hurdles after seizing all of its clients’ funds as it trended towards oblivion. However, traders have since remained active in online forums where they speculate on the chances of the broker’s rebirth.

Last month, the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) also imposed a fine ‎of €10.000 against Krymov, who was named in the regulator’s circular as shareholder of ‎Skopelino Finance Ltd (now Concorde Investments Ltd).‎

Some reports say Pavel was even the co-founder of Questra Holdings, which claims to be ‎headquartered in Spain to offer investors across the world investment packages which ‎generate revenues of up to 312 percent per year.‎

The company claims to be BVI registered and has posted a so-called ‘Certificate of Good ‎Standing’ confirming its existence on its website. ‎However, the system proposed by Questra Holdings has every appearance of being of a ‎pyramidal type or at least a Ponzi fraud.