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Writer's pictureSun Of Justice

Uncovering the Illicit Acts of Linda Athanasiadou and Kovalenko in the QBF Criminal Organization

Updated: May 14


Linda Athanasiadou, a key leading member of the QBF criminal organisation and currently on the run
Linda Athanasiadou, a key leading member of the QBF criminal organisation and currently on the run

Linda Athanasiadou, or Linda Kovalenko, or Athanasiadou L. or Kovalenko L., as per the indictment documents, was involved in several activities related to the QBF illegal activities of the criminal organization.


She was a senior member of the criminal organization and led the second division. She remains at large, on the run, continuing illicit activities, defrauding unsuspected customers offering the same ponzi investment schemes and attacking in any way anyone that can expose her scam or lead to her arrest.


Linda Athanasiadou's illegal role in the QBF criminal organization included:


  1. Organizing the signing of service agreements that were deceptive in nature:

  2. Coordinating agreements for trust management services:

  3. Involvement in high-level organizational actions:

  4. Utilizing connections and expertise in Cyprus.



The indictment documents suggest that Linda and Apollon Athanasiadou had extensive personal and professional connections in Cyprus, including financial sectors, law firms, and regulatory bodies.


They leveraged their expertise and knowledge of the operating environment for companies under local jurisdiction in international financial markets. It is worth noting that according to all other members of the criminal organization, including Mr Zelikham Munaev, E.A. Rossieva, Phakmov, Queleb and Matyukhin, who have been arrested, pleaded guilty and serving in prison, Apollon Anatasiades was a relative of the former president of the Republic of Cyprus Nicos Anastasiades who has been assisting them with CySec and the CYrpus central bank issues during the previous investigation in 2017-18.


The details in these points outline Athanasiadou's active involvement in the structured deceit carried out by the QBF organization and her role in leveraging international connections to assist in the organization's schemes.


Linda Kovalenko, also known as Linda Athanasiadou, played a multifaceted role in the QBF criminal organization.


Linda Athanasiadou, QBF




KEY FACTS

VICTIMS: 2,000

ESTIMATED

LOSSES:

APPROXIMATELY

USD 550

MILLION

INFORMATION OBTAINED:

FROM COURT CASES:

​1 2 3 4 5 6 7 8 9 

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QBF Scam Uncovered

The investment company QBF was a promising option for investors in Russia. With its Russian sister company Q.Broker LLC, Cypriot Company Constance Investment LTD, QBF promised maximum convenience, reliability, and significant authorized capital of 333 million rubles.

 

However, what was initially a promising investment opportunity for thousands of investors soon became one of Russia's most prominent financial scams. As it turned out, the company did not use the money from investors to buy shares related to IPO options, as they promised. Instead, the funds were invested in development projects of the beneficiary of the group of companies, R.V. Shpakov, and most of the client funds were withdrawn abroad.  

 

The scam was so massive that more than 2,000 investors were affected, with losses estimated at over 7 billion rubles. Despite the enormous scale of the fraud, temporary management was inactive, and no criminal case had been initiated for QBF fraud. In 2021, after the searches in the QBF group of companies, the investment company stopped paying investors the money due to them for all over-the-counter products, citing non-fulfilment of obligations on the part of Q.broker LLC.

 

Beneficiary Shpakov Roman disappeared from customers abroad. The story of QBF has attracted significant media attention in Russia. Forbes published several articles about the case, exposing the secrets of the financial pyramid and questioning the role of the Central Bank in auditing the company.

 

In November 2021, even Anastasia Volochkova, a famous Russian ballerina, became a victim of the financial pyramid, losing millions of rubles invested in QBF. Despite the attention from the media and the efforts of deceived investors to bring those responsible to justice, QBF fraud remains one of the most significant financial scams in Russia's history.

 

The story serves as a cautionary tale for investors to be vigilant and aware of the risks involved in investing their money.

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