- Evangelist Loago Raditedu’s Associate Arrested by Russian Police in Fraud Case
- Investors swindled over $30 million
Authorities have not confirmed if they are investigating ties between a flamboyant self proclaimed Evangelist and former Executive Director of Botswana Exporters and Manufacturers Association (BEMA) Loago Raditedu and ponzi scheme mastermind who was arrested for fraud last week by Russian law enforcers.
A man suspected of running several Ponzi-style schemes has been arrested by Russian police upon request from the Kazakhstan’s law enforcement authorities. According to a report by Finance Magnates Online; Pavel Krymov was detained by Russian Police on allegations of fraud. Krymov is the mastermind behind Forex Trend and Questra World which have links here in Botswana through flamboyant Evangelist and former Executive Director of Botswana Exporters and Manufacturers Association (BEMA) Loago Raditedu.
Krymov has allegedly deceived thousands of investors for more than 15 years through various fraudulent projects including Forex Trend, AGAM, Private FX, Panteon Finance, Questra World, among many others. Raditedu is the local contact for Krymov’s Questra World. He also represents another Ponzi-style scheme called Atlantic Global Assets Managers.
Prior to Krymov’s arrest in Russia, local consumer rights activist Richard Harriman had warned Batswana about the deceitful deals offered by Questra. This was after Raditedu had posted on social media inviting people to join the Questra scheme. In the post Raditedu expressed gratitude at the multitude of people who had turned up for the presentation of services offered by Questra. Raditedu wrote, ‘‘Our team of leaders from RSA did a good job. Atlantic Global Assets Managers and Questra World are now revealed to Batswana. Invest as little as P1300 to buy an annual package of £90 that will yield 4-7 % interest every week, payable to your account on Fridays for the whole year’’. He further invited people to click on a supplied internet link ‘‘to add yourself to my business WhatsApp group’’. The popular evangelist, who is also a motivational speaker, promised prospective clients that they see their money making more money ‘‘without lifting a finger’’.
Harriman runs Consumer Watchdog, a fiercely independent consumer rights and advocacy organisation campaigning on behalf of the consumers of Botswana, helping them to know their rights and to stand up against abuse. In quashing Questra’s promises of easy money, Harriman had warned, ‘‘here’s your first clue. “4-7% interest every week”? Those numbers might not seem terribly high to you. Aren’t they similar to the interest rates offered by banks? Well, that’s true, but with a bank you might get that sort of return after a year. This guy says you can earn it “every week”. Let’s assume for a moment that this is true. I’ve done the maths. If you give them the minimum of P1,300 that they suggest and you then get a €90 package (about P1,080) that will earn 4% per week, after a year your P1,080 will have grown to P7,222, a total return of 569% per year. If you were luckier and you get the 7% they suggest, your money will have grown to P36,423, an annual return of 3,273%. That’s impossible and I hope everyone realises that.’’ Harriman continued to punch holes on Raditedu’s investment offer, arguing that ‘‘another clue is something you often see with pyramid and Ponzi schemes. They very rarely give any clue about how you will earn the profits they promise. They don’t mention stocks and shares, derivatives, futures or any other mysterious financial terminology that sounds impressive’’.
Harriman went further to expose other pyramid schemes that Raditedu has been involved in and labelled him a serial pyramid scheme recruiter. ‘‘There’s a final curiosity about Questra, or rather about the guy who was busily recruiting people. In 2010 the same person was trying to recruit people in to TVI Express, another pyramid scheme that collapsed leaving people poor. Then in 2015 he was again busy, this time recruiting people into the pyramid scheme selling Xtreme Fuel Treatment, a fake fuel efficiency enhancer’’.
Raditedu did not respond to questions sent to him by this publication. Russia’s national criminal court is reportedly considering a Kazakhstan extradition request for Krymov, who was detained at Moscow’s Sheremetyevo airport on February 6, 2018.
Kazakhstani officials reportedly believe Krymov played an influential role in operating several investment scams that swindled victims spanning over Ukraine, Russia, Kazakhstan, Belarus, as well as several European and Asian countries. Ever since its dissolution, clients of the defunct Forex Trend said they have lost more than $30 million. Last month, the Cyprus Securities and Exchange Commission (CySEC) also imposed a fine of €10.000 against Krymov, who was named in the regulator’s circular as shareholder of Skopelino Finance Ltd (now Concorde Investments Ltd).