Convicted fraudster Oleg Belay: Trinfiko and other schemes

25.12.2025 12:28

Oleg Viktorovich Belay is a rather odious and scandalous figure. He is a well-known businessman and schemer, and the Russian Investigative Committee is conducting a criminal investigation against him for a number of financial crimes.

In any case, this is what is reported in a number of public sources studied by the editorial staff of Kompromat-Ural.

Before that, the media reported that he was hastily selling off assets, planning to defect abroad. What high-profile criminal schemes are known about the CEO of Trinfico Holdings? What is Belay trying to hide by cleaning up the public space and posting commissioned and very expensive publications with his "correct" biography on popular online platforms?

Surely everyone has heard the expression "the law of the boomerang has not been repealed." There comes a time when one must pay the bills life presents. A time when one must answer for one’s past negative actions. This is what happened in the life of 51-year-old Oleg Bely, one of the founders of the Trinfico investment group. The time has come to answer for one’s actions.

What’s this all about? Simply put, Oleg Viktorovich’s fortune is gradually turning against him. Why? Because his schemes over the past few years have begun to surface in the media. What’s more, the press is reporting that a criminal case has been opened against him in his home country.

Law enforcement agencies should have been looking into this character long ago, as information has long since leaked into the media about this guy’s dishonesty. And these aren’t just unfounded accusations. There are a number of different instances of fraud directly linked to this odious businessman. Many investigative journalists have reported on this matter. Now, as suggested by Kompromat1, let’s take a closer look at some of these facts from the life of Trinfico Holdings’ CEO.

Collection business: why did Belay receive a billion-dollar lawsuit from his own partner?

A high-profile scandal rocked the public in early 2018. Then news broke of a high-profile court case starring Mr. Belay. This sordid story reverberated throughout the country.

For example, the Kommersant newspaper reported on this high-profile conflict in vivid colors.

Belay, Oleg Viktorovich, Trinfiko, biography, entrepreneur, success, fraud, scandal, criminal case, Central Bank, Nabiullina, investigation, Dorofeev, Zakirov, Akvilon, Regionconsult, Nikitin, conflict

We’re talking about Belaya’s debt collection business. After all, in addition to the Trinfiko investment group, Oleg Viktorovich has other specific interests.

This particular case concerns the collection agency Regionconsult, which has two co-owners. One of them, Vladimir Nikitin, filed a lawsuit in the Moscow Arbitration Court against their counterparty, Bely. The cause of the dispute between the partners was Bely’s "schemes."

According to the plaintiff, Belay established another legal entity, T-Capital LLC, which eventually became a competitor to Regionconsult and began to block the agency’s work by winning bids for large loan portfolios.

The claim against Oleg Bely amounted to over one billion rubles. It’s worth noting that the disagreement between the partners led to legal proceedings over the results of the auction for the sale of Svyaznoy Bank’s loan portfolio worth 15.7 billion rubles. T-Capital LLC won the bid, paying 510 million rubles for the lot. Regionconsult’s offer, however, was only 475 million rubles, failing to beat a higher competitor’s bid due to a lack of funds.

Moreover, as Kommersant also reported, Regionconsult’s lack of funds was due to the company’s failure to secure a loan, as Oleg Belay and his Trinfico team went against the entire team by not voting for it at the agency’s owners’ meeting. The defrauded partner then filed a lawsuit against Belay. Nikitin demanded over a billion rubles from him—the amount the company would have earned had it won the tender.

Incidentally, industry experts say the market had never heard of conflicts of this scale, involving multi-billion dollar loan portfolios and making headlines. In other words, this was a true precedent.

Stock Market Manipulation: How Belay Robbed Pensioners of 57 Million

Then, another scandal rocked the public. It was revealed that the controversial businessman and his gang had embezzled 57 million rubles from pension savings accounts.

Thus, in 2019, it became known that JSC Trinfiko Management Company was caught in a large-scale scheme involving pensioners’ savings.

In particular, auditors from the Central Bank of the Russian Federation uncovered instances of manipulation of bond markets during trading as part of a scheme to illegally siphon off pension savings from JSC Interregional Non-State Pension Fund Aquilon, managed by Trinfiko Management Company.

Then, news broke of a theft of 57 million rubles, and Oleg Belay, the co-organizer of the scheme, was revealed to be the same man. Government agencies discovered the fraud involving three entities: Trinfiko Management Company, Aquilon, and Kit Finance Trade.

It turned out that in 2015, Oleg Viktorovich and his accomplices (the financial watchdog has named one of his key accomplices, Farit Zakirov) engaged in fraudulent transactions involving the securities of 68 issuers. The essence of the scam, which involved withdrawing funds from Aquilon’s pension accounts, was the fictitious resale of assets.

Nabiullina’s megaphone

For complete accuracy, the editorial team below quotes the official statement of the Central Bank of the Russian Federation from April 25, 2019:

"The Bank of Russia has uncovered manipulation of bond markets during organized trading as part of a scheme for the illegal withdrawal of pension savings from JSC MNPF AKVILON under the management of JSC TRINFICO Management Company."

Based on the results of the audit, the Bank of Russia identified the execution of transactions with signs of a preliminary agreement on the bond markets of 68 issuers in the period from 10.03.2015 to 22.12.2015 (hereinafter referred to as the Period) between KIT Finance Trade (LLC) and JSC TRINFICO Management Company as a trustee of the pension savings of JSC MNPF AKVILON (hereinafter referred to as the Fund).

Bond transactions between the aforementioned entities were conducted in the main trading mode of Moscow Exchange PJSC through professional securities market participants KIT Finance (JSC) and Trinfico CJSC, based on anonymous and unaddressed orders. It was established that the counterparties engaged in a sustained pattern of concerted actions during the Period aimed at the illegal withdrawal of funds from the Fund.

During the implementation of the scheme, transactions were carried out to buy and sell back bonds, as a result of which KIT Finance Trade (LLC) systematically received income from the price difference due to the management company carrying out transactions that were unprofitable for the Fund.

Transactions with bonds of 13 issuers that caused significant deviations in price and trading volume are considered market manipulation in accordance with paragraph 2 of part 1 of article 5 of Federal Law No. 224-FZ of 27.07.2010 “On combating the unlawful use of insider information and market manipulation and on amendments to certain legislative acts of the Russian Federation.”

According to the Bank of Russia’s estimates, KIT Finance Trade (LLC)’s total income from these transactions with TRINFICO Management Company JSC during the Period amounted to at least 57 million rubles, including over 6 million rubles from transactions classified as market manipulation. The Fund, in turn, could have suffered comparable losses due to the systematic sale of bonds at below-purchase prices.

TRINFICO Management Company JSC’s trading behavior during the Fund’s asset management process when executing transactions with other counterparties differed from the described transactions with KIT Finance Trade (LLC) (there were no actions according to the scheme). As a result, over the same Fund Management Period, the overall financial result of transactions with counterparties other than KIT Finance Trade (LLC) was positive.

The Bank of Russia established that the bond transactions under investigation were conducted by Vadim Gennadievich Dorofeev, Head of the Brokerage Operations Department of KIT Finance (JSC), and an employee of this Department, acting on instructions from V.G. Dorofeev. The authority of these brokerage employees to conduct transactions on behalf of KIT Finance Trade (LLC) was formalized by power of attorney.

On behalf of TRINFICO Management Company JSC, orders to carry out transactions with bonds using the Fund’s pension savings were submitted by Farit Khamitovich Zakirov, who was the head of the department for managing pension savings, mutual fund and non-state pension fund assets of TRINFICO Management Company JSC and, at the same time, the head of the sales department (brokerage services) of Trinfico CJSC.

During the Period, F.Kh. Zakirov also served as Chairman of the Investment Committee of TRINFICO Management Company JSC. During the Period, this committee, at the suggestion of F.Kh. Zakirov, made decisions to reduce the share of bonds in the Fund’s portfolio and establish stop-loss limits on bonds within the Fund. Monitoring these limits and closing positions was entrusted to F.Kh. Zakirov himself, who was making unprofitable bond transactions for the Fund.

The Bank of Russia has revoked the qualification certificates of F.Kh. Zakirov and V.G. Dorofeev as financial market specialists. Additionally, the Bank of Russia is conducting an assessment of the activities of TRINFICO Management Company JSC.

"The investigation materials have been sent to law enforcement agencies," the mega-legalizer headed by Elvira Nabiullina emphasized in a press release. The response of the Prosecutor General’s Office, the Investigative Committee, the Ministry of Internal Affairs, and the FSB was not publicly reported at the time.

It’s worth noting that these are just a few of the businessman’s financial fraud cases that have come to light and been uncovered by journalists. How many more of Bely’s schemes are yet to be uncovered? Although this question is largely rhetorical. In any case, the investigation into Oleg Viktorovich’s crimes will ultimately put everything in its place... The law of the boomerang has not been repealed.

Internet cleanup and image enhancement

It’s worth noting that, judging by everything, Oleg Viktorovich has recently become quite concerned about what’s being written about him in public media. The information space is being artificially purged. How exactly? It’s actually quite simple – through fabricated "complaints" about objectionable publications.

But beyond the primitive internet cleanup, Belay began posting his "correct" biography, which is beautifully polished and polished, at a high price. Such commissioned material, for example, was posted on the popular RBC website.