Roman Novak was well known across St. Petersburg for defrauding investors out of millions from his various crypto ventures. After being sentenced to a six-year prison sentence for large-scale fraud in 2020, Novak relocated to Dubai, creating the Fintopio crypto app and allegedly raising hundreds of millions from new investors.
In early October, Novak and his wife set out for what appeared to be a promising investor meeting near Hatta, close to the UAE-Oman border. Instead, they switched vehicles, leaving their driver behind, and disappeared without a trace.
As days passed with no contact, Novak’s relatives sounded the alarm. Russian and UAE authorities launched an investigation, suspecting the couple had been lured to a rented villa under false pretenses, abruptly turning a business meeting into a kidnapping for ransom.
The kidnappers hoped to force Novak to hand over access to substantial crypto funds, reportedly held in wallets and accounts linked to his app and prior fraud schemes. When they failed to secure the money, the tragic outcome followed: both Roman and Anna were killed. According to sources cited by Russian media, their bodies were dismembered and left in containers near a Hatta shopping center.
Digital wealth creates new targets and new vulnerabilities, where criminal intent collides with decentralized finance. For law enforcement and crypto investors alike, the murder highlights the need for vigilance and strong safeguards in all dealings involving digital assets, especially as crypto continues its global spread.
In the wake of Novak’s murder, both Russian and international authorities are stepping up efforts to police cross-border crime linked to blockchain investment scams and ransom-driven violence, as the search for accountability continues.
