Russian authorities have arrested Finiko founder Kirill Doronin.

According to Russian media reports, Doronin was picked up and detained in Kazan, Tartarstan.

As reported a few days ago, authorities in Tartarstan stepped up their investigation following Finiko’s collapse.

Tartarstan’s criminal case was launched last last year.

In December Edward Sabirov, Marat Sabirov and Zygmunt Zygmuntovich, Doronin’s co-conspirators, were picked up by authorities, detained and interrogated.

The overwhelming amount of Finiko victims are in Russia. Russian media have pegged Finiko losses at 7 billion rubles ($95.6 million USD).

Russian authorities have put forth a more modest figure of 8 million rubles (~$109,000 USD).

Given Doronin (right) claims Finiko had one million investors, I’d be inclined to lean closer to the $95.6 million amount.

Doronin’s arrest follows the deletion of his Instagram account earlier today.

Earlier this month Doronin took a trip to Turkey. Once he landed, Doronin requested his co-conspirators transfer what was left of Finiko investor funds out of Russia.

Whether anything comes of the Doronin’s arrest remains to be seen.