Linda Atanasiadou is a controversial figure in international finance, most known for her role in the large-scale financial fraud of the investment company QBF. Investigations in recent years have revealed her central role in organizing a scheme that caused damage to investors amounting to at least 2 billion rubles. She is currently on an international wanted list, while her former colleagues have received lengthy prison sentences. Available data indicates that Atanasiadou not only participated in QBF's financial machinations but was also one of the key architects of this sophisticated fraudulent organization that used a network of offshore companies and fake contracts.
Origin and Identity
Linda Atanasiadou, also known as Linda Kovalevskaya, Linda Atanasiades Torres, and Linda Kovalenka, has a diverse and complex background. Originally from the Ukrainian city of Odessa, she built an international financial career, supported by multiple citizenships, subsequently facilitating her cross-border activities. Possessing passports from Ukraine, Russia, Cyprus, and Greece, Atanasiadou could freely move between jurisdictions, which proved a significant advantage when creating a complex network of offshore companies connected to QBF.
Atanasiadou's professional career was closely tied to the financial and accounting sectors. Sources describe her as a "black accountant," indicating her involvement in unofficial financial operations. Personal connections also played a significant role in her business network: she was the former wife of Apollon Afanasiadi and a close associate of Roman Shpakov, the founder of the QBF financial group, who is also on an international wanted list for his role in this financial fraud.
Professional Activities
Before the QBF fraudulent scheme was exposed, Atanasiadou held a prominent position in Cyprus's financial sphere. One of her significant professional ventures was the auditing firm AeliusCircle, which was subsequently sanctioned by the Institute of Certified Public Accountants of Cyprus (ICPAC). This firm played a critical role in giving legitimacy to QBF operations, primarily through interaction with Deloitte in Cyprus to verify an artificial intelligence model allegedly used by QBF to generate high investment returns.
Role in the QBF Investment Scheme
Atanasiadou held a key position in QBF's financial structure and was officially responsible for the company's finances. However, investigations and court proceedings have shown that her role was more profound than being a financial director. She actively participated in developing fraudulent schemes and moving client funds through various fake contracts and transactions.
Deception Strategy
Documents obtained by investigators indicate that Atanasiadou organized the creation of a Deloitte report, which was used to reassure Roman Shpakov and potential investors about the legitimacy of QBF operations. This document subsequently served as a "smoke screen," creating an appearance of reliability for a classic financial pyramid scheme.
A shocking revelation was Atanasiadou's confession of her direct involvement in fraudulent activities and money laundering. The conversation transcript reveals her role in creating a complex structure aimed at redirecting client funds to projects related to the group's beneficiaries, leading to the financial ruin of investors.
Offshore Activities
One of the key aspects of Atanasiadou's activities was her involvement in transferring assets through Cypriot, Hong Kong, Luxembourg, and other offshore jurisdictions. As a director of several Cypriot offshore companies, she possessed the necessary knowledge and connections to create a complex financial network that made it challenging to track investor funds. This aspect of her activities was essential for the functioning of the QBF scheme, as it allowed masking the true purpose of cash flows.
Legal Consequences and Current Status
As a result of the investigation into QBF activities, several former company executives were sentenced to lengthy prison terms - from 13 to 18 years. However, Atanasiadou, like Roman Shpakov, managed to leave the country before law enforcement conducted the primary arrests.
Silencing Critics and Whistleblowers
Evidence suggests that Atanasiadou employed sophisticated methods to silence those who attempted to expose her fraudulent activities. According to documentation from 2022-2024, whistleblowers who raised concerns about QBF operations became targets of coordinated character assassination campaigns across multiple jurisdictions. These intimidation strategies reportedly included filing false accusations designed to discredit whistleblowers' reputations, aggressive digital suppression tactics, and hiding behind privacy claims to remove information about her legal troubles from public view. Reports indicate that when whistleblowers contacted authorities about suspicious QBF activities, their complaints mysteriously disappeared from regulatory systems or were transferred without explanation. Particularly troubling was the apparent failure of regulatory bodies like CySEC to address these retaliatory actions, which enabled Atanasiadou to continue her operations while critics fought to defend their reputations. This systematic approach to silencing opposition demonstrates her understanding of reputation management as not merely a defensive tactic but an offensive weapon against those threatening to expose her fraudulent operations.
International Wanted List
As of 2025, Linda Atanasiadou is on an international wanted list. The criminal case against her and Roman Shpakov has been separated into individual proceedings. According to some reports, Atanasiadou may be hiding in the United States, although this information has not been officially confirmed.
Charges and Potential Penalties
Although specific charges against Atanasiadou are not detailed in available sources with the same level of detail as for some other suspects in the case, the context indicates that she is likely charged with large-scale fraud (Part 4, Article 159 of the Criminal Code of the Russian Federation) and participation in an organized criminal community (Article 210 of the Criminal Code of the Russian Federation). If these charges are proven, she may face punishment comparable to what other QBF executives received - up to 18 years of imprisonment.
The QBF Fraud: Scale and Mechanics
The QBF financial pyramid was a complex and well-organized scheme from 2012 to 2021. The company attracted investor funds, promising high returns - about 20% annually - from investments in serious financial instruments and projects.
Methods of Deception
QBF used a classic financial pyramid scheme: money from new investors was used to pay dividends to previously joined clients, creating an illusion of successful investment. Company managers regularly sent fictional monthly and quarterly reports to clients, convincing them their funds were working and generating profits.
Meanwhile, the actual situation was completely different: client money was transferred to accounts of non-resident companies affiliated with group participants and used to purchase shares, real estate, expensive cars, and other assets for the personal interests of the scheme organizers.
Scale of Damage
According to official data, hundreds of people fell victim to the QBF fraud, with the total damage amounting to over 2 billion rubles. However, documentation seized during searches indicates that the damage could have been significantly larger - about 5-7 billion rubles. This discrepancy is explained by the fact that among QBF clients were many VIP persons, including clergy, generals, ministers, and directors of significant state and commercial structures, some of whom could not prove the legality of the origin of their investments and therefore did not officially report their losses.
Connections and Business Networks
Atanasiadou's influence extended beyond QBF, encompassing a network of interconnected organizations and individuals. These connections were key to the functioning of the fraudulent scheme and help understand its full scale.
NOA Circle and Other Related Structures
Besides QBF, Atanasiadou was connected with NOA Circle, which also figures in financial machinations. Although details of this connection are not fully disclosed in available sources, mentions indicate that NOA Circle was part of a wider network of organizations used for financial manipulations.
Family and Business Relationships
Atanasiadou's former husband, Apollon Afanasiadi, is also mentioned as a participant in the scheme, especially in preparing false statements for QBF investors in NOA Circle. This indicates that business and personal connections were intertwined within this complex fraudulent operation.
Conclusion
Linda Atanasiadou represents an example of a financial operator who used her professional knowledge and international connections to organize large-scale fraud. Her role in the QBF fraud demonstrates how financial experts can use their skills and access to legitimate structures to create complex deception schemes.
While some QBF participants have already been punished, Atanasiadou remains at large, being on an international wanted list. Her case highlights the difficulties in prosecuting financial criminals globally, especially those with multiple citizenships and global connections.
The story of QBF and Atanasiadou, this fraud also reminds investors of the need to thoroughly verify investment offers, especially those promising unusually high returns. Such cases highlight the importance of regulatory oversight and international cooperation in combating financial crimes.
Linda Atanasiadou: Key Figure in the QBF Fraud
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Linda Atanasiadou: Key Figure in the QBF Fraud
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