Roman Novak and wife Anna found dead in UAE after kidnapping tied to alleged US$500mil crypto fraud scheme
THE cryptocurrency world was shaken by the October 2025 discovery of Russian entrepreneur Roman Novak and his wife Anna’s remains in the desert near Dubai. The couple disappeared on October 2 after their driver dropped them near a lake in Hatta, close to the Oman border, for what was described as a meeting with potential investors.
From Tech Entrepreneur to Convicted Fraudster
According to Yahoo! News, Novak gained prominence in Russia’s cryptocurrency circles by portraying himself as a successful businessman with connections to Telegram founder Pavel Durov. He established Fintopio, a platform claiming to facilitate rapid cryptocurrency transfers while attracting investment from Russia, China, and the Middle East.
However, his business dealings drew scrutiny from authorities. In November 2020, Novak received a six-year prison sentence in St. Petersburg for defrauding business partners in investment and cryptocurrency ventures. After obtaining parole in 2023, he relocated to the UAE and resumed attracting investment into new projects, with reports suggesting he raised approximately US$500 million (RM2.08 billion) through Fintopio before facing fresh fraud allegations.
The Fatal Meeting
The St. Petersburg news outlet Fontanka, citing anonymous sources, reported that eight Russian citizens are suspected of involvement, including three alleged organizers and five hired intermediaries. Suspects reportedly posed as investors, kidnapping the couple and demanding Novak provide access to his cryptocurrency wallets.
Reports indicate Novak sent messages stating he was stranded in the mountains near the Oman border and urgently needed US$200,000. However, the targeted wallets were reportedly empty. The couple’s mobile phones initially appeared in Hatta and Oman, then later in Cape Town, South Africa, before signals ceased entirely on October 4.
Investigation Breakthrough
Russian Investigative Committee member Svetlana Petrenko stated that investigators established the killers had accomplices who organized the abduction, renting vehicles and premises where victims were held by force. Following the murders, perpetrators disposed of weapons and the victims’ belongings across different emirates.
Among the detained suspects are two veterans from the Russia-Ukraine conflict and a former murder investigation detective. Three individuals have been arrested in St. Petersburg, Stavropol, and Krasnodar regions, with detention orders extending until December 28. Five additional Russians under age 25 are believed connected to the case.
Motivations Behind the Crime
The incident appears driven by financial retribution. Investigators are exploring whether the killing was a revenge plot by aggrieved investors, with attackers allegedly demanding access to wallets linked to investor funds.
Novak’s controversial reputation preceded him. The crypto community’s response has been multifaceted, reflecting both genuine sorrow for the loss of life and critical examination of the victim’s contentious past. As details of Novak’s history and his alleged involvement in schemes like Fintopio emerged, sentiment became more complex.
Aftermath and Implications
The couple is survived by two young children who have been placed in the care of relatives. The tragedy highlights escalating security concerns within the cryptocurrency sector, particularly for high-net-worth individuals in regions with substantial digital asset activity.
This incident is expected to intensify scrutiny from law enforcement agencies, especially in emerging crypto hubs like Dubai, with increased focus on combating illicit financial activities and violent crimes linked to cryptocurrency wealth.
The case remains under investigation as Russian and UAE authorities collaborate to trace financial flows connected to Novak’s business operations and determine whether additional parties orchestrated the attack.
