06.09.201814:31

The Central Bank of the Russian Federation revokes the data of four microloan providers from the government registry due to a financial pyramid formation.

Issuers:   The Central Bank of the Russian Federation

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Moscow, 6th sep. - RIA News/Prime. Bank of Russia excluded information about 4 microloan providers «OOO Elisium», «OOO Evrika», «OOO Rusmikrofinans-AST» and «OOO Elegiya» from the government registry of micro financial organizations – according to the regulatory authority.

Central Bank explains that the decision had been made due to a numerous infringements of Russian law requirements and Russian Bank regulations on the part of the microloan providers. As part of the investigation it has been confirmed that the microloan providers took part in the scheme of fundraising from physical parties for Group Company (GC) «Rusmikrofinans» in order to liquidate obligations under the previously concluded investment loan agreements.

«During the on-site investigation it has been concluded that the group of companies were actively attracting investments from physical parties offering interest rates that were above average on the market, carried out massive advertising campaigns intended to promote their offer as the most profitable and guaranteed. At the same time the funds were used as interest payments of previously concluded investments, covering administrative and operation costs, issuance to affiliated legal entities with transit company features and to owners by issuing from the cash desk» - says the regulatory authority.

The investigation of Bank of Russia proved that the companies infringed economic standards and provided unreliable reporting data. The realization of the microloan providers’ business-model was followed by the conduction of fake transactions aimed to the circumvent the audit trail and hide the activity of money withdrawal – notes the Central Bank. The investigation data is to be submitted to law enforcement bodies by the regulatory authority.

GC «Rusmikrofinans» consolidates such microloan providers as: «OOO Rusmikrofinans-AST», «OOO Elegiya», «OOO Evrika».

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