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Two Ukrainian men were executed for creating a financial pyramid in the UAE. Will Alexander Pan and Cheslav Konyukh be next?

(14.11.2018)

Just a few days ago, the news about the execution of two Ukrainian financial pyramid organizers in the UAE rocketed around the Internet. Sergey Shevchenko and Dmitry Salodukhin were sentenced to death for launching the World GMN project. The two men were arrested during a company event they had organized. All the materials and production samples were confiscated as material evidence. Soon after, they were charged with five crimes which are capital offenses in the UAE: creation of financial pyramids, fraud, bulk cash smuggling, involving UAE citizens in fraud schemes. Their refusal to plead guilty and show remorse led the court to impose the death penalty.

As announced by CBC Canadian News, “Ukrainians Shevchenko and Salodukhin were found guilty of organizing a financial pyramid and executed in the UAE”.

As far as we know, the two Ukrainian citizens (according to the journalists’ reports, the Ukrainian Embassy denies it, which is indicative of the quality of Ukrainian diplomacy more than anything else) launched the financial pyramid World Global Network which, strangely enough, turned out to be illegal in Saudi Arabia. As reported, all the characteristics of fraud (large number of hyped up positive advertisements, promises of large profits, and the final “freezing” of accounts) were so glaringly obvious that it’s strange the World GMN organizers weren’t arrested earlier. Moreover, the pyramid naturally denied its Ukrainian origin because everything was registered in the U.S. This is just like Questra World trying to hide its Ukrainian roots and convince investors that it was launched in Spain.

The fraud organizers regularly invited investors to different events whose compulsory attributes were fancy cars, luxury hotels, eye-catching shows, and successful investors who had already made a lot of money with the company. All in all, the story is clear and well known – the description resembles very highly Questra World created by Alexander Pan (Prochukhan) and Cheslav Konyukh (Pestiuk). For the record, we would like to remind you that, according to the official information, the headquarters of the renovated Questra World were supposed to be located in Dubai, i.e. in the UAE capital..

“In their quest to suppress the investors’ unrest as much as possible, the QW Lianora Swiss representatives showed astonishing audacity by declaring that closing the Geneva company is just a necessary step for processing its registration in Dubai.”

One more shocking coincidence. The World GMN pyramid’s operation was banned in the UAE pursuant to a court decision. As we previously announced, more than 10 countries around the world have banned the financial pyramids of Alexander Pan (Prochukhan) and Cheslav Konyukh (Pestiuk) from operating on their territories. These nearly identical events clearly indicate that the UAE’s supervisory authority may soon join the list of regulatory bodies opposing Questra World.

In addition, it would be useful to mention that Russia has also become stricter in regard to shady financial projects. After the fall of Cashbery, discussed by the RF Finance Minister Elvira Nabiullina, it became known that the country adopted a set of considerably severe measures regarding financial pyramids..

“Financial market fraud exists and has existed, it acquires a variety of forms. Some trend appears on the financial market, and we see scammers showing up there right away. Remember that some crooks were even selling subway coins in cryptocurrency? There are inexperienced, maybe not very financially literate, people who fall prey to such scammers,” stated Elvira Nabiullina.

This statement is strongly related to the general instability in the global market as well as to the need to regulate the cash flow, a considerable part of which ends up in the hands of crooks or is used in shady schemes to finance terrorists, drug dealers, and other illegal structures. Moreover, any financial pyramid engenders certain social instability which manifests itself in people’s dissatisfaction with the government policies – the society begins comparing the genuine sounding scammers’ promises to the realistic government plans, and it suddenly seems to people that those who promise them an endless cash flow and a never-ending holiday take care of them whereas those who motivate them to work don’t.

Returning to the conversation about the recent execution of Ukrainians Sergey Shevchenko and Dmitry Salodukhin, we would like to make a separate mention of the fact that the death sentence imposed on the fraudsters is far from being cruel or extraordinary. Even though the death penalty has been abolished in Russia, Ukraine, and other CIS countries, it still exists in a number of countries. While the law in the UAE is harsh, the death penalty imposed on the scammers isn’t an act of savage violence but rather a direct result of the investigation authorities’ work. Having ascertained the pyramid’s creation and assessed the damage it has caused to the country, the investigation authorities reached certain conclusions and submitted the documents to the court which, we’d like to remind you, was guided by the local legislation. Considering how many people’s lives were ruined by the pyramid’s founders, the severity of their punishment is entirely reasonable.

It’s yet unknown in which country Alexander Pan (Prochukhan) and Cheslav Konyukh (Pestiuk) will be arrested. And if we take into account that the men actively operated in the UAE as well, we can only guess what will happen after the scammers get arrested, supposing it takes place in the Emirates.

As a result, we can assume that Alexander Pan and Cheslav Konuykh don’t have much time left for spending their plundered riches which, it seems, they won’t be able to increase in the usual way anymore. Moreover, according to the mass media, the 10 accomplices of the executed Ukrainians in the UAE were convicted of the same crimes as their bosses. They were spared the death penalty but received prison sentences ranging from 8 to 22 years.It’s easy to predict that in the Questra World case, all of the scammers’ accomplices will be just as unable to evade justice and will, in the best-case scenario, spend a long time behind bars, exchanging their cozy homes for the creaky metal beds, prison gruel, and several years of cohabiting in a cell with criminals.