Montenegrin authorities arrested Roman Ziemian, a key figure in a $21 million crypto fraud scheme, after discovering he was living under a fake identity in the capital, Podgorica.
Hide and seek
Roman Ziemian, co-founder of the controversial crypto venture FutureNet, has been arrested by Montenegrin police.
Ziemian is accused of orchestrating a large-scale cryptocurrency fraud, which allegedly stole around $21 million from investors.
The arrest took place after a police unit in Montenegro uncovered that Ziemian had been living in Podgorica under an assumed identity, according to an official statement released by the country’s Police Directorate.
Authorities in South Korea and Poland had issued an arrest warrant for Ziemian, charging him with fraud, money laundering, and theft.
South Korean officials are seeking his extradition, where he could potentially face a life sentence.
During the arrest, police seized several devices and items believed to have been used in the criminal activities attributed to Ziemian.
He is expected to appear before a judge in Podgorica’s High Court to determine his extradition.
Greed is powerful, there will be always „investors”
FutureNet, co-founded by Ziemian and Stephan Morgenstern in 2018, presented itself as a multilevel marketing platform supported by a cryptocurrency called FuturoCoin.
The venture quickly garnered attention, but for the wrong reasons. Poland’s Office of Competition and Consumer Protection flagged FutureNet as a potential pyramid scheme back in March 2019.
The agency noted that the company sold participation packages ranging from $10 to $10,000, with promises of profits for those who could recruit others into the scheme.
Since its inception, FuturoCoin has lost nearly all its value. The well known story what we already saw.
The scheme caught the attention of South Korean authorities too, in mid-2020 after nearly 950 individuals claimed to have lost millions of dollars by investing in FutureNet.
The company’s questionable practices led to an investigation, eventually drawing international law enforcement attention.
Veteran player
Ziemian’s arrest is not his first issue with the law. In October 2022, Italian authorities detained him, but despite being placed under house arrest, Ziemian managed to flee Italy.
His partner, Stephan Morgenstern was also arrested in Greece that same month but similarly escaped house arrest. He was captured more, than a year later in Albania, in August 2023.
Morgenstern is now awaiting extradition to South Korea, where he could face life imprisonment.
Have you read it yet? Brazil approves second Solana ETF
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
