Fraud ring exposed in Zaporizhzhia

A group of fraudsters who organised a financial pyramid scheme under the guise of investments in the jewellery business has been exposed in Zaporizhzhia. The perpetrators deceived more than 50 people, causing damage amounting to over 9.5 million hryvnia.

As investigators found, a key role in the scheme was played by Hennadii Diachenko, the founder of the "Demos" jewellery store chain. Together with four accomplices, he offered potential investors to put their money into an allegedly promising "jewellery corporation".

 To lend credibility, fictitious contracts were signed, and investors were paid small percentages in the initial stages to create the illusion of profitable investments. However, after some time, the payments ceased, and the invested funds disappeared.

According to law enforcement data, the victims lost a total sum of over 9.5 million hryvnia. At present, all suspects in the case have been charged with fraud.

The investigation is ongoing, and law enforcement officials express concern that Hennadii Diachenko may attempt to flee to the temporarily occupied territories.