MOSCOW, April 6 (RAPSI) – A criminal case against alleged Ponzi scheme organizer Vladimir Romanov charged with embezzling money of more than 1,800 Russian citizens has been sent to court for hearing, press service of the Samara Region’s prosecutor’s office announced on Thursday.

According to investigators, the defendant and his alleged accomplice Dmitry Artamonov created Investoil Financial Group, the organization operating as a financial pyramid. They have organized the firm’s extensive advertisement of high yield on deposits in a short time. As a result, from January 2012 to March 2015, they invited citizens’ funds amounting to 600 million rubles ($10.7 million) on the pretext of paying unreachable interest.

Over 1,800 people have been recognized as victims in the case.