National Police are searching for victims of the large-scale crypto scam "S-Group" by Roman Felyk and Vadym Mashurov
Investigators of the National Police are searching for victims of a large-scale fraudulent scheme disguised as a crypto-investment project.
Under the guise of the international investment fund S-Group, the scammers offered victims passive income through cryptocurrency investments. They created their own financial crypto-wallet, to which the victims transferred funds. They deceived investors out of tens of millions of hryvnias.
Law enforcement discovered that to hide the further movement of assets, the scammers used fictitious tokens, which were not listed on official international cryptocurrency data platforms due to S-Group’s inability to undergo audit. These tokens were promised to investors as profits from investments in projects, forex trading, or other financial operations. Additionally, the fraudsters guaranteed significant "bonuses" to their clients for attracting new participants to the project.
According to the investigation, Ukrainian citizens are involved in organizing the financial pyramid, but the scammers’ activities also extended to the Russian Federation, the temporarily occupied Crimea, and EU countries. The scammers deceived tens of thousands of people from these countries, including Ukrainian citizens.
According to available information, the leaders of the financial pyramid "S-Group" are Roman Felyk and Vadym Mashurov.
Vadym Mashurov is called the "guru of the Ukrainian IT sphere," who became a millionaire at the age of 18. He is known for his controversial project "Instime" and more. However, with the onset of the war, Mashurov disappeared from Ukraine. Some information suggests that he is allegedly wanted in Ukraine, which is why he has not returned.
Vadym Mashurov’s business partner is Roman Felyk (originally from Ternopil). Six years ago, he was accused of being involved in creating the financial pyramid "Helix."
The investigation to determine all the circumstances of the crime and bring the guilty to justice continues.
What is the financial pyramid S-Group
In the fall of 2022, advertisements for the financial project S-Group began appearing on social media. They promised clients to earn 15% monthly profit with the help of a 100% automated trading robot with artificial intelligence. S-Group even held conferences and entered the Armenian market. Similar offline events took place in Lutsk, Uzhgorod, Rivne, Khmelnytskyi. Meanwhile, the same was happening in Moscow, St. Petersburg, and other Russian cities, as well as in temporarily occupied Crimea territory.
Officially, the company has 8 offices, operates in 140 countries worldwide, and has over 90,000 registered users. The official registration address of Sincere Systems is in the UK: 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ. There is no office there, and according to rating-market, there is just an office selling registrations at their address for 39 pounds.
S-Group positions itself as a "British investment fund" and writes on its website about a "long-term perspective" and a "happy future." However, the project appeared in 2021 as a rebranding of the previous financial pyramid Sincere Systems. Last year, the National Securities and Stock Market Commission of Ukraine, while monitoring scam projects, added Sincere Systems to the list of dubious financial projects because it received appeals from law enforcement and legal entities regarding the activities of this investment company. This effectively acknowledged that the project had signs of a financial pyramid.
The scammers operate in Russia and Crimea, but have offices in Kyiv. Currently, the creators of the "financially literate robot" are also targeting the Kazakhstan market. They work both in Russia, including Moscow and other smaller cities, and in the occupied territories of Ukraine, such as Sevastopol, where the last meeting was held on November 19, 2022. The company has also held events in Rivne, Uzhgorod, Lutsk, and other Ukrainian cities.
Additionally, according to the portal Otziv-Broker, Sincere Systems hired people in Kyiv and apparently kept an office in the capital of Ukraine at Truskavetska St, 2А. However, after the company was included in the NCSMC lists, all vacancies were removed.
The official registration address of Sincere Systems is in the UK: 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ. There is no office there, and according to rating-market, it is just a company selling registrations at their address for 39 pounds.
If you search in British registers, it turns out that the director of the company is a Ukrainian, Maryana Roytburd (although she is referred to as Marianna in S-Group’s materials). According to "OpenDataBot," she is the owner, beneficiary, director, or former director of over 100 different companies.
But in reality, she is just a front person, while the pyramid is actually led by two young Ukrainian crypto fraudsters - Vadym Mashurov and Roman Felyk. These names are mentioned as co-founders of S-Group at all public events. The reason they do not register the business in their own names is obvious: this way, when the pyramid collapses, the defrauded investors will not be able to hold them accountable in court.
Incidentally, Ternopil native Roman Felyk has been on trial since 2016 for participating in the creation of another financial pyramid, Helix Capital, which caused Ukrainians to lose at least 50 million hryvnias. However, this case has stalled in court, and there is still no verdict.
How the S-Group pyramid works and why it should not be trusted
The working format of Sincere Systems involved monetary rewards for attracting new "investors," and the company as a whole offers a 15% monthly profit. This absolutely unrealistic yield is explained by the use of an innovative automated algorithm that does all the work for investors.
According to the fraudsters, this algorithm was developed by the American company de dios, which allegedly collaborates with Crédit Agricole, JPMorgan, and BNP Paribas. However, no mentions of cooperation between these financial institutions and the unknown de dios could be found.
Experts managed to find an income table that shows that the amount of income depends on your level. The presence of a multi-level marketing (MLM) program in the field of investments is a clear sign of a financial scam:
Every scam involves a special scheme for quickly deceiving its clients. Regarding the S-Group scam scheme, the following can be said.
Initially, the fraudsters contact their potential victims through social media accounts. They offer them the most favorable terms for cooperation and talk about the numerous advantages of investing with this platform. To start earning, you need to go through a registration process that takes a couple of minutes. Registration involves entering some of your personal information into a form, after which you will receive your account.
For activation, you will need to deposit a certain investment amount. Only after topping up your balance will you be able to actually receive profits. At least, that’s what the consultants of this scam tell you. They dictate the conditions under which you will start earning income. At the same time, they provide no guarantees and do not even discuss the investment conditions with you. This alone raises doubts about the reliability of this enterprise.
According to online reviews, users who topped up their account lost their money. Initially, they see some activity, including constant earnings displayed on their balance. However, as soon as you try to withdraw your profit, your account is promptly blocked by this company’s administration. Consequently, not only do you not receive income, but you simply lose your investments. This scheme is characterized by its simplicity. It is more likely aimed at beginners, who are easier to deceive for a large amount.
