• Roman and Anna Novak vanished after meeting with supposed investors near Dubai mountain resort
• Convicted crypto fraudster allegedly defrauded investors of $500 million before relocating to UAE
• Eight Russian nationals detained in connection with kidnapping and murder investigation across multiple countries

DUBAI, UAE (TDR) — A Russian cryptocurrency entrepreneur and his wife who vanished in the United Arab Emirates last month have been found dismembered near a desert city, capping a brutal kidnapping scheme linked to demands for access to digital assets.

Roman Novak, 46, a convicted crypto fraudster, and his wife Anna Novak were last seen Oct. 2 when their driver dropped them off near a lake in Hatta, a mountain resort area close to the border with Oman. The couple transferred to another vehicle for what was described as a meeting with potential investors and were not seen alive again.

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Their dismembered remains were discovered Oct. 3 near the city of Fujairah, according to The Moscow Times, citing anonymous sources. Russia’s Investigative Committee announced Friday it had opened a criminal case into the suspected murder after relatives reported the couple’s disappearance when they failed to make contact for several days.

Lured to villa under false pretenses

The St. Petersburg news outlet Fontanka, citing law enforcement sources, reported that eight Russian citizens are suspected of involvement, including three alleged organizers and five hired intermediaries.

According to media reports, the victims were lured to a rented villa in Hatta under the pretext of an investment meeting. The kidnappers demanded access to Novak’s cryptocurrency wallets, hoping to seize substantial funds reportedly held in accounts linked to his crypto ventures.

When Novak allegedly provided wallet access but the funds turned out to be unavailable, the attackers killed both victims. Their bodies were dismembered and disposed of in bags placed in garbage containers near a shopping center in Hatta, according to sources cited by Fontanka.

Convicted fraudster with lavish lifestyle

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Roman Novak gained notoriety in Russia’s crypto scene after presenting himself as a successful entrepreneur and claiming ties to Telegram founder Pavel Durov, though Durov never confirmed the relationship.

In 2020, Novak was convicted of large-scale fraud in Russia and sentenced to six years in prison for defrauding investors. After being granted parole in 2023, he relocated to Dubai, where he created a crypto app called Fintopio that promised fast cryptocurrency transfers.

Novak reportedly raised investments worth $500 million for Fintopio before allegedly defrauding investors from Russia, China and the Middle East. The app ceased operations in summer 2025, with employees left unpaid and investors losing their money.

“Novak often introduced himself to investors as a friend of Telegram founder Pavel Durov, although the latter did not confirm this acquaintance,” according to reports from News.Az and other outlets.

International manhunt underway

Russian and Emirati law enforcement traced the suspects’ movements via surveillance footage and phone signals that appeared briefly in Oman and later in South Africa before disappearing Oct. 4.

According to Fontanka, four of the five intermediaries are expected to be released this week after investigators established they were used to arrange what they thought was a legitimate investment meeting. The three alleged organizers, men aged 44 to 53, are considered the direct perpetrators of the murder.

“The suspects have been detained and will be extradited to St. Petersburg for questioning,” a law enforcement source told Russian outlet 78.ru.

Orphaned children left behind

Anna Novak’s father and stepmother traveled to Dubai after the couple’s disappearance to care for their underage children, who were left orphaned by the brutal crime.

The case has prompted rare collaboration between Russian and Emirati law enforcement agencies. Both countries are investigating whether the funds or digital wallets connected to Novak’s crypto holdings were targeted as part of a broader financial crime operation.

The Investigative Committee’s statement said the case was opened “following the unexplained disappearance of a married couple in the UAE,” though officials did not name the victims.

Pattern of crypto fraud exposed

Novak was known for his lavish lifestyle and claims of connections to the crypto elite. He allegedly sold counterfeit TON tokens at discounted prices using fabricated screenshots to deceive buyers.

When Fintopio collapsed in summer 2025, responsibility for the missing funds was shifted to Novak. His partners and former associates immediately distanced themselves, leaving him isolated.

The ongoing investigation may expose deeper crypto-related criminal networks operating across borders, particularly those involving high-risk digital asset investors. Authorities are examining whether additional victims were defrauded by Novak’s schemes before his death.

Chambers County Sheriff Brian Hawthorne described similar patterns in fraud cases, noting that perpetrators often target those they believe have substantial hidden assets.

The case highlights the dangers facing cryptocurrency entrepreneurs operating in loosely regulated markets, where disputes over digital assets can turn violent. The UAE has become a popular destination for crypto investors seeking favorable tax treatment and regulatory environments.

Should cryptocurrency hubs implement stronger protections for digital asset holders, or do high-risk investments come with inherent dangers beyond regulation?

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