Despite the tightening of legislation in the Russian Federation, the active work of the regulator and high-profile investigations, “gray” investment schemes continue to exist and attract new victims. In the first half of 2025, the Central Bank identified more than 4.1 thousand entities with signs of illegal activity, including signs of financial pyramids. This is 19.7% more than in the same period of 2024. The number of subjects with signs of illegal professional participants in the securities market increased the most — by 1.9 times compared to the first half of 2024. up to 1.3 thousand units. The number of entities with signs of financial pyramids has increased 1.4 times, up to 2300. It would seem that with this level of exposure, people should treat any “super profitable” investments with suspicion. However, new stories regularly appear on the web: “It looked so convincing that we couldn’t help but believe it.”
“Too profitable to refuse”
What are the reasons for this alarming trend? Firstly, the youth and relative immaturity of the investment market in Russia. Especially in the field of profitable real estate. There is a high proportion of speculative transactions in such markets. Quick and successful examples are becoming widely known thanks to bloggers and social networks. As a result, many people begin to perceive abnormally high returns as the norm, not the exception.
Secondly, the psychological factor. Potential investors often note that everything looked “convincing and professional,” and the terms seemed “too profitable to refuse.”
Thirdly, there is a lack of financial literacy, which increases the vulnerability of investors to various kinds of risks.
As a result, a combination of gullibility, thirst for high returns, and poor financial literacy creates a steady demand for questionable offers. And then, as in any segment of the economy, demand generates supply. As long as there are people willing to invest in risky and opaque projects, such schemes will appear again and again.
The parallel reality of the “gray” market
The “grey” investment market is a parallel reality where everything happens outside the strict control of regulators. Hence the sky-high offers like a yield of 400-600% per annum, It is not always an outright deception, but it is always risky: from non-payment of taxes to a complete lack of guarantees. Why is the “grey” market booming?
Because it is poorly regulated: formally, you can raise money without having a legal status and collect investments using receipts. Trends are changing like fashion: at one time, everyone was investing in high-yield apartments, then in industrial land, now in offices or crypto projects. According to statistics from the Central Bank, more than 99% of all pyramids identified this year operated in the form of short-term pseudo-investment Internet projects, most often with the promise of returns on investments in cryptocurrencies and crypto assets. Over 80% accepted contributions in cryptocurrency.
Do not think that “gray” is just a suspicious cooperative. A cooperative is just a form, like an individual entrepreneur or an LLC. Scammers use everything from unregistered investor “hangouts” to licensed banks (which, unfortunately, sometimes get involved in scandals). The main thing is to look not at the form, but at the essence: do they promise sky-high interest rates? Is there transparency? If there are no taxes and regulations — it is already a “gray” zone.
The portrait of the victims is also surprisingly diverse. It’s not just naive pensioners (although there are some too). Such schemes include IT specialists from remote locations in warm countries, business owners, realtors, and even lawyers. Someone gave away tens of millions without collateral, someone sold their last apartment or took out loans. They have one thing in common: the desire to absolve themselves of responsibility. To put the money “in safe hands”, to believe the promises and not to understand the risks. It’s like a drug — first the euphoria of “easy” money, then the disappointmentl of losses.
Red flags that should alert
If someone, thinking of a “gray” market, imagines basements with bundles of bills and dubious personalities in leather raincoats, he is deeply mistaken. Everything can be very beautiful here: an office in a business center, PowerPoint presentations, licenses on the walls, smiling managers. Sometimes the scheme is even designed as a cooperative, investment fund, or IT startup. But this is not a guarantee of honesty. Therefore, it is always useful to use an “indicator checklist”:
- Promises of “x” percent per year without risks
If a broker talks about a return of “400% per annum” or even “10% per month guaranteed”, this is not a forecast, but a marketing ploy. Real business is always associated with risks, and a normal company will not hide this fact.
- Answers in the style of “don’t go into details”
You always need to ask questions and get satisfactory answers. How is the model provided? What happens if the project goes on hiatus for external or internal reasons? How is the investor’s money protected? Is there a deposit and where is it legally registered? If these questions are answered vaguely or move away from emotions (“This is a trend! Everyone does it!”), it’s worth leaving the project.
- Absence of direct contracts and collateral
Banks do not provide loans without collateral. If a company promises that “it has real estate”, it is necessary to check that it is actually owned and registered with obligations to investors.
- Unrealistic financial models
The organizers often show a presentation where all the numbers are growing steadily upwards. You need to ask how these forecasts were calculated, where taxes and expenses were taken into account, and who made the calculations.
- Strong pressure on emotions
Many people are captivated by touching stories about “rising from the bottom” and overcoming difficulties. Someone is affected by the demonstration of success: cars, watches, etc. Someone bites on the attractiveness and personal charm of the manager. All of these are tools to build trust where documents and numbers should work.
- The first wins easily
The classic trick is to give new members a quick and easy way to earn money at the start. This breaks the critical perception, and the person decides, “well, since it has already happened, then it will be even better.” Such things should not deceive the investor.
How to act in order not to get caught
- Keep your head cool and remember that investing is not about inspiration, but about calculation.
- Use a triple check. If a person wants to invest a significant amount, it is not worth saving on a lawyer, a tax consultant and an independent investment expert. Their fees are pennies compared to the loss of capital.
- Require documents and confirmations — contracts, statements, data on collateral, tax burden.
- Check the history of the organizers — court cases, bankruptcies, connections with other projects.
If these red flags are seen, it’s not worth the risk. The “play and get out on time” scheme almost never works in practice. In the pyramids, only a few win, and this is always at the expense of the other participants. Moreover, according to statistics, only about 10% of problematic investment projects return the invested money. The rest end with their complete loss.
What should I do if the investments have already been made?
The realization that the funds have ended up in a pyramid or a “gray” scheme usually comes abruptly. At this point, it is important not to rush around, otherwise you can only make the situation worse. It really looks like a spider’s web: the stronger and more chaotic the movements, the tighter it wraps around.
Step 1. Fix the situation
You should not call the organizers with threats or write emotional messages in investor groups. Any word or action can be used against the victim himself, up to and including a lawsuit. In investment disputes, careless steps can actually legitimize the embezzlement of funds. Signing documents without consultation may mean a voluntary transfer of rights to the money in favor of the organizers of the scheme.
Step 2. Contact a lawyer with the right specialization
We are not talking about a familiar lawyer “for all occasions”, but about a specialist who accompanies investment transactions and understands their internal mechanics. It is advisable to find a lawyer who has his own investment experience and who has participated in litigation both on the side of investors and on the side of projects.
Step 3. Bankruptcy filing
Bankruptcy in 90% of cases of failed schemes turns out to be the only working tool for refunding funds. Criminal cases are used less frequently.
Step 4. Don’t count on a “strong hand”
The hope that the state will come, punish everyone and return the funds usually turns into disappointment. In a market economy, the responsibility for investments lies with the investor himself.
Ultimately, the chances of a refund depend on several factors. The sooner the chaotic steps are stopped and work with a qualified lawyer is started, the higher the probability of a positive outcome. It is important if the organizers have assets. Assets are often transferred to front persons, but modern bankruptcy court practice allows to recognize them as actually belonging to fraudsters and use them to compensate for losses. In addition, the quality of the evidence base plays an important role. Correspondence, payment documents, and even “crooked” contracts can become arguments for a competent legal strategy. It happens that the situation looks hopeless, but in the end, it is possible to return a significant part of the invested money. Conversely, the prospects may be promising, but a series of mistakes leads to total losses.
Lawyers never tire of saying that the “grey” market requires strict regulation. You can’t receive a loan from an illegal credit institution — they just shouldn’t exist. Strict rules should be established: only verified, registered and qualified organizers of investment projects and investors should be allowed to participate. Just as driving a car requires training and an exam, so investing requires a qualified investor’s certificate. But equally important is the vigilance and financial literacy of the people themselves — without this, even the strictest laws will not be able to protect against fraud and financial losses.
By Anton Meleshko, PhD in law, founder of the legal partnership “Meleshko Consulting”