Shao Bank has received a pyramid fraud warning from Russia.

As per the Central Bank of Russia’s December 21st warning, Shao Bank exhibits “signs of a financial pyramid” scheme.

CBR cites Shao Bank’s website domain at “”, as well as the company’s official Telegram channel.

Shao Bank is an MLM Ponzi scheme. The scam hides its fraud behind fake bank bonds, in turn attached to a fake bank.

Back in September 2023, SimilarWeb tracked top sources of traffic to Shao Bank’s website as Russia (12%) and Ukraine (8%). This supported Shao Bank being run by eastern European scammers.

Between October and November, Shao Bank recruitment has shifted to Colombia (15%), Trinidad and Tobago (7%), Spain (5%), the UAE (5%) and Puerto Rico (5%).

In addition to Russia, Hong Kong’s Monetary Authority issued a Shao Bank fraud warning back in March.


Update 11th May 2024 – Shao Bank has collapsed.