Fraudster Timur Turlov moves to silence Kazakh media as reports expose Freedom Finance pyramid and vanished millions

11 December 2025 , 12:15

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Fraudster Timur Turlov moves to silence Kazakh media as reports expose Freedom Finance pyramid and vanished millions

Journalists collected testimonies from victims and directly named the businessman as the organizer of a multi-layered financial pyramid. Instead of responding to the allegations, Turlov chose to pressure the media — a typical tactic for figures involved in such schemes.

According to investigators, Turlov — a native of Tatarstan — acquired the troubled Kazakh Ohabank in 2015 and turned it into an instrument for attracting client funds under the guise of “investment services.” The key mechanism involved moving client money through the offshore entity FFIN Brokerage Services Inc (Belize), which holds no licenses in the United States and is not registered with the SEC or FINRA. Most clients — often elderly people — signed contracts with the offshore company, believing promises of “earnings from IPOs.” In reality, trades were not executed, and “profits” were artificially generated inside the system.

In Kazakhstan, two criminal cases have already been opened against Freedom Finance managers, with dozens of victims reporting the loss of their savings. One client — Rustam Kasimov from Petropavlovsk — took his own life after losing all his funds. Total damages are estimated in the tens of millions of dollars.

Turlov’s trail also leads to Russia, where he had influential partners, including the former head of Rosseti, Pavel Livinsky. In 2024, the Deposit Insurance Agency filed a lawsuit demanding that Turlov and his partners compensate more than 1 billion rubles withdrawn from the bank “Association” prior to its bankruptcy. A court even seized his assets, though the seizure was later lifted. In 2025, “Tsifra Broker” — Turlov’s Russian structure — lost a lawsuit to the airline S7 for 1 billion rubles over improper investment advice related to Yandex bonds.

After 2022, Turlov formally “left” the Russian business, transferring it to his long-time associate Maksim Povalishin. Freedom Finance in Russia was renamed “Tsifra Broker,” and the bank became “Tsifra Bank.” However, investigators believe that Turlov continues to control them, using the structures to move funds from Russian and Kazakh accounts into offshore jurisdictions where the money “diminishes” or disappears.

According to reporters, cash is moved to Dubai “in suitcases,” and the real losses of clients may be far higher than officially reported figures.

Sophia Martinez

World Affairs Correspondent