Russian entrepreneur Roman Novak, accused of orchestrating one of the largest crypto frauds in recent years, has reportedly been killed along with his wife Anna in the United Arab Emirates (UAE).
According to local media, the couple’s deaths mark a tragic end to a high-profile story that began with a massive investment scam spanning several countries.
Murder in the Emirates
Citing unnamed law enforcement sources, 78.ru reported that Novak and his wife were kidnapped for ransom but were later murdered after the abductors failed to obtain the demanded payment.
Communication with the couple ceased about a month ago. Their phones were last tracked in the regions of Hatta and Oman, and later in Cape Town, before the signal disappeared entirely.
Relatives of Anna Novak have since traveled to Dubai to retrieve the couple’s underage children, now left without guardianship.
Authorities have reportedly detained several Russian nationals suspected of involvement in the abduction and are preparing to extradite them to St. Petersburg for trial. The investigation remains ongoing.
The $500 Million Crypto Fraud
Roman Novak became known in the crypto community for his involvement in fraudulent investment schemes, promoting himself as a friend of Telegram founder Pavel Durov and claiming ties to Arab investors and global tech companies.
His main project, Fintopio, was a crypto-transfer app developed by Ukrainian specialists. Through it, Novak allegedly collected hundreds of millions of dollars from investors, promising them participation in international blockchain ventures and partnerships with large corporations.
After securing investor funds, Novak disappeared, leaving behind unpaid employees and defrauded clients.
In late October, reports emerged that he had escaped to South Africa, taking around $500 million in crypto assets. Victims reportedly included businessmen from China and Ukraine, as well as Russian officials and lawmakers. Investigators believe a portion of the stolen funds may still be hidden in Cape Town wallets.
A Familiar Pattern in Crypto Scams
Experts note that Novak’s tactics resembled classic Ponzi and trust-based fraud models, similar to infamous crypto schemes like Finiko and OneCoin.
He allegedly used false credibility, celebrity name-dropping, and promises of high returns to attract wealthy investors seeking exposure to blockchain startups.
The case has reignited discussions about investor protection and the need for stricter international cooperation in tackling crypto-related crimes — especially as cross-border frauds become increasingly sophisticated.
