The financial network built around the Dubai broker Alchemy Markets DMCC and the payment brand Xoala massively services the withdrawal of capital from the Russian Federation and, according to an investigation by the publication Telegraf, may be used to pay for purchases in the interests of the Russian military-industrial complex, writes Dilova Stolytsia.
The authors of the investigation call on Ukraine and partner countries to impose personal sanctions against the organizer of the scheme – Nikki Gope Kundnani.
As noted in the material, after the entry into force of the 21st EU sanctions package on July 23, 2026, which froze the assets of 94 banks and financial organizations of the Russian Federation, demand and prices for illegal payment routes from Russia soared. In this market, the publication writes, Dubai forex brokers are actively operating, which have long been in the spotlight of the US Treasury Department.
The scheme described by the investigation fits into five steps: within a week, a legal entity is registered for a client from the Russian Federation in Dubai, it is connected to the broker Alchemy Markets DMCC, the broker accepts cryptocurrency and, through forex instruments, converts it into fiat money with “formally legal origin”, after which the funds are withdrawn through the payment system Xoala controlled by Kundnani (legally — the Swedish company Steven AB). Previously, this role, according to journalists, was performed by the British Blackthorn Finance Ltd.
To pay for the shadow import of components and technologies necessary for the production of weapons, this financial route is actively used by structures of the Russian military-industrial complex
The trace of Blackthorn is not an assumption, but a fact recorded by the regulator: on November 17, 2023, the British FCA limited the company’s activities and froze its assets, and on April 14, 2025, Blackthorn was placed into special administration. Among the victims are citizens of 13 countries, including Ukraine. In February 2026, defrauded clients held a protest at the international exhibition iFX EXPO Dubai, where Kundnani promoted Xoala as a replacement for Blackthorn.
The Ukrainian regulator has repeatedly raised the alarm: back in May 2024, NSFX Ltd was included in the list of dubious investment projects (later the broker was renamed to Alchemy Markets), in February, March and May 2026, the NSSMC separately pointed out the risks associated with Blackthorn Finance Ltd, Alchemy Markets Ltd and Xoala, and the register of dubious investment projects directly records a high risk of complete loss of funds for investors.
In parallel, journalists note, Kundnani is preparing for an IPO on NASDAQ of the holding FDCTech, Inc. In June 2026, the company’s board of directors officially acknowledged the unreliability of reporting for 2024–2025 and significant deficiencies in internal financial control. The audit was carried out by Nigerian firms, one of which – Olayinka Oyebola & Co – received a six-year ban from the SEC on working with the reporting of American issuers in the case of concealing the Tingo fraud. Taken together, the authors believe, what is happening has the signs of a classic “Pump and Dump” scheme.
Everything described makes the next step logical and inevitable – the inclusion of Kundnani and his key structures in the personal sanctions lists of Ukraine and partner countries with the aim of blocking their assets, limiting access to the international financial system, protecting investors and cutting off possible channels for financing Russian military aggression