Russia's former Minister of Communications and Mass Media Nikolai Nikiforov has been charged in the Finiko financial pyramid case. The investigation has combined more than 300 criminal cases into a single proceeding. Total damages are estimated at around RUB 5 billion.
WHAT THE FORMER MINISTER IS ACCUSED OF
According to TASS, citing case materials, the criminal investigation began on 28 July 2021. It was initially opened against unidentified persons under Part 4 of Article 159 of the Criminal Code of the Russian Federation ("Fraud on an especially large scale").
On 9 September 2026, Nikiforov was charged under Part 1 of Article 210 of the Criminal Code of the Russian Federation ("Creating a criminal community or participating in one") and Part 4 of Article 159 of the Criminal Code of the Russian Federation ("Fraud on an especially large scale").
According to the investigation, the former official took part in creating and running a criminal community, financing it and embezzling money under the guise of investment activity in the Finiko internet project.
HOW MUCH MONEY INVESTORS LOST
The investigation considers Nikiforov one of the creators of the Finiko financial pyramid, whose participants were promised returns of up to 25% per annum.
Around 8,000 people have been recognised as victims in the case. The estimated damages amount to around RUB 5 billion.
WHAT IS KNOWN ABOUT NIKIFOROV'S ARREST
On 17 September 2026, Moscow's Meshchansky District Court ordered the former minister's arrest in absentia. The defence appealed the decision, but the Moscow City Court upheld it.
Nikolai Nikiforov headed Russia's Ministry of Communications and Mass Media from 2012 to 2018. The ministry is now called the Ministry of Digital Development, Communications and Mass Media.
