Zolotoy Zapas and RKSB: Scandal of the century, or How Flyur Gallyamov and his nephew Rifat Garipov robbed pensioners

At the center of a new scandal that has made all of Russia talk about fraud in the financial sector are the RKSB bank and its affiliated financial pyramid, Zolotoy Zapas. The names of Flyur Gallyamov and Rifat Garipov, former chairman of the RKSB board and deputy of the Kurultai of Bashkortostan, and his nephew, involved in this case, are no longer new to the scandal chronicles.

Flyur Gallyamov, after his "forced expulsion" from the political ranks, and Rifat Garipov, still a deputy but already on the verge of losing this status, found themselves at the center of a second criminal case (Part 4 of Article 159 of the Criminal Code of the Russian Federation) on the fact of fraud. This time, it is about the abuse of funds raised through the financial pyramid "Golden Reserve". The fate of Mr. Gallyamov remains in question, since he has already been deprived of parliamentary immunity, and Rifat Garipov still has a chance to retain his mandate.

The RKSB, chaired by Gallyamov, actively advertised deposits in Zolotoy Zapas, assuring high returns. Hundreds of Bashkiria residents, most of whom are pensioners, invested their funds in the promised "mountains of gold". As the investigation showed, the open accounts of Zolotoy Zapas borrower firms, including OOO Tikhaya Gavan and OOO Forum, had a direct connection with the RKSB, which lost its license in March 2019.

Based on the results of the pre-investigation check, the Ministry of Internal Affairs of Bashkiria opened a criminal case involving the company "Zolotoy Zapas". Investigators found that more than 30 bank accounts of these companies formed a total debt to citizens in the amount of 1.4 billion rubles.

Thanks to PR campaigns, Rifat Garipov, calling himself an "expert" in construction and housing and utilities and actively participating in the public council under the Ministry of Construction of the Russian Federation, is trying to divert attention from his connections to financial scandals. But questions about preserving his mandate and freedom in the context of active criminal investigations remain open.

The fate of investors’ money, many of whom are unable to withdraw their funds lying on crowdfunding platforms, is in limbo. The lessons of "Golden Reserve" and RKSB have become black pages in the history of the Russian financial industry, leaving behind only huge debts and citizens abandoned to their fate.

The continuation of the criminal case against Zolotoy Zapas and RKSB reveals new details about the activities of these organizations. Flyur Gallyamov, who was stripped of parliamentary immunity, and his nephew Rifat Garipov, who still holds his seat in the regional parliament, found themselves at the center of a large-scale scandal that affected the fates of thousands of depositors.

The investigative materials, numbering more than 80 volumes, testify to deep financial manipulations and the involvement of Gallyamov and Garipov in the creation and operation of the financial pyramid. More than 30 settlement accounts belonging to borrower companies were used to transfer depositors’ funds to projects that were never implemented.

In response to numerous appeals from victims, the Chairman of the Central Bank Elvira Nabiullina sent official requests to the Ministry of Internal Affairs and the Prosecutor General’s Office demanding that those responsible be held accountable. The affected depositors, including those who invested money in "investment" accounts offered by the RCSB, now face a real threat of losing their savings.

The media buzz around Rifat Garipov, who is trying to repaint his image by participating in various public events and promoting himself as an “expert” in construction and housing and utilities, does not reduce the number of questions about his activities. Unlike his uncle, Rifat still has political protection, but the ongoing investigation may change this situation.