The Valimahomed empire’s trajectory reveals a family adept at navigating between innovation and deception. Their companies often emerge with fanfare, attract investors and customers, then collapse amid accusations of fraud or insolvency. From telecoms (Fly Mobile) to gambling (Lotto Billions) to banking (Kroo), the family’s ventures showcase both entrepreneurial ambition and systemic red flags.
Most troubling are allegations in media reports linking the Valimahomed network to money laundering for Russian oligarchs, including the Ananyev brothers and funds extracted from Promsvyazbank. If accurate, these claims suggest the family’s role extended beyond failed startups into creating international corridors for illicit capital.
The Telecommunications Gamble: Fly Mobile and Avantech
The Valimahomeds’ first major foray into business came in the 2000s with Fly Mobile, a UK-based mobile phone brand that gained popularity across Europe, Russia, and emerging markets such as India and Nigeria. In 2008, through Meridian Services, the family acquired the struggling French phone manufacturer Wiz4com, rebranding it as Avantech Mobile.
At first, the strategy looked like a success. Fly Mobile reported over one million phones sold in 2007 and projected 2.5 million sales by 2009. Yet by 2011, Avantech collapsed due to financial insolvency. Investigators point to a familiar Valimahomed pattern: acquire distressed assets, inflate short-term performance, siphon funds into offshore accounts, and eventually abandon the company to bankruptcy.
Picture 1. Fly Mobile and Wynncom logos
Several other companies connected to the Valimahomed network — including Kazam, Wileyfox, and Toughshield — also underwent renaming, restructuring, and eventual dissolution, often linked to the same London addresses. Key figures in these ventures included Andrew Sean Collinge and Suresh Radhakrishnan, who appear repeatedly across different entities tied to the family. Their recurring presence suggests they may be working to represent and advance the Valimahomeds’ interests, making their activities worthy of closer scrutiny.
NB: An important update regarding Collinge’s affiliations beyond Nichefinder and Fly Mobile is that he was recently found liable by a Moscow court for the debts incurred by OOO NTST. The claimants in the case were local authorities and—interestingly—another entity previously linked to Fly Mobile and Nichefinder: OOO Marvel KT.
Picture 2. Adrew Collinge
Source: Emeralds Holdings
Picture 3. Suresh Radhakrishnan
Source: ko.com.ua
Lotto Billions: A Lottery or a Ponzi Scheme?
If Fly Mobile revealed the family’s appetite for expansion, Lotto Billions showcased their willingness to exploit regulatory loopholes. Officially licensed in Curaçao under Emeralds (Curaçao) N.V., Lotto Billions allowed users worldwide to place bets on major lotteries such as Powerball, EuroMillions, and Mega-Sena. The business model was presented as “lottery betting,” with insurers covering payouts.
But critics soon noticed glaring irregularities: vague disclosures about insurance, no evidence of liquidity to cover jackpots, and a reliance on new customer deposits to fulfil earlier payouts. Analysts described it as resembling a Ponzi scheme, hiding behind Curaçao’s notoriously lax gambling regulations.
Behind Lotto Billions stood Nooreddin Valimahomed as founder, with associates like Collinge, Khalid Virani (its legal advisor), and Edoardo Paluan, an IT entrepreneur, who is tied to failed startups such as Yo-Da and Nate Inc., both accused of misleading investors.
Picture 4. Khalid Virani
Source:Facebook
Picture 5. Edoardo Simone Paluan
Source: LinkedIn
To obscure their roles, the family deployed proxy entities such as LW Management B.V. in the Netherlands and appointed frontmen like Dutch businessman Michiel van der Klooster. Publicly, van der Klooster was presented as CEO, while privately, he retained a 75% stake in Emeralds Holdings.
Picture 6. Michiel Van Der Klooster
Source: The Telegraph
The family’s youngest member, Zakhir Valimahomed, also appears tied to Lotto Billions. His LinkedIn profile openly lists employment at the lottery platform, signalling a new generation being drawn into the controversial empire.
Kroo Bank: A Respectable Facade?
Amid scandals around Fly Mobile and Lotto Billions, Nazim Valimahomed sought to establish legitimacy through fintech. In 2016, he founded Kroo Bank (originally B-Social) in London. In 2021, Nazim stepped down from his directorial role, a move many interpret as a strategic distancing amid growing scrutiny. Still, some media outlets continue to describe Kroo as a “Valimahomed Scheme,” reflecting lingering doubts.
Picture 7. Nazim Valimahomed
Source: LinkedIn
Originally operating under an electronic money licence, by 2022 Kroo had secured a full UK banking licence, amassed more than £1 billion in deposits, and attracted around 190,000 customers. Today, Kroo Bank is operating under FCA restrictions, though its licence remains active—allowing it, for example, to “hold and/or control customer deposits and client money.” In other words, there are still customers entrusting Kroo and its team with their funds and life savings. Audacious, one might say.
Picture 8. Kroo Bank logo
Source: Google
Andrea de Gottardo is widely regarded as a competent professional with a solid background in banking and risk management, having previously held positions at institutions such as State Street and RBS. His personal reputation has not been associated with controversy. However, his appointment as CEO of Kroo Bank raises questions in light of the bank’s connections to the Valimahomed family. It is plausible that de Gottardo was brought in not only for his expertise but also to strengthen the bank’s public image and mitigate reputational risks stemming from its founders.
Conclusion
The business ventures of the Valimahomed family and their close associates should raise eyebrows and warrant strict scrutiny. Their activities are marked by the creation of numerous legal entities across different jurisdictions, producing an opaque organizational structure that obscures accountability. Time and again, enterprises linked to the family are launched with public fanfare — from mobile phone brands to fintech banks — seemingly supported by substantial financing, only to later collapse into bankruptcy or face regulatory sanctions, including license revocation.
This recurring cycle, coupled with media reports linking the Valimahomed network to alleged money-laundering operations for Russian oligarchs, suggests that commercial operations may not be the true endgame. Instead, business itself could serve as a convenient façade for questionable financial flows, raising concerns that go far beyond failed startups or mismanaged ventures. For regulators, investors, and the public, the imperative is clear: heightened vigilance and rigorous oversight are essential when dealing with enterprises tied to the Valimahomed family.
If you have any information about the Valimahomeds or the companies and individuals associated with them, please contact us at support@researchinitiative.org. Your input could greatly assist our ongoing investigation, which is far from over.
Our thanks go to the team at https://AssetTracing.com for their assistance in preparing this investigation
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